“Industry Perspectives” 4Q 2022

“Industry Perspectives” 4Q 2022

Home > Insights & News > White Papers & Research > Industry Perspectives 4Q 2022

Download our latest "Industry Perspectives"

 

Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
January 2023

Pages:
5

OVERVIEW:

The market currently expects at least two more Federal Funds rate hikes in early 2023 and a high of 5-5.25%. Critical questions for investors going into 2023 are:

  • How much more tightening will the Federal Reserve do to control inflation?
  • How effective will those efforts be?
  • How material will the impact of higher rates be on the economy?

The tight labor market could give the Fed a chance to successfully engineer a soft economic landing, allowing consumers to keep spending at reasonable levels while absorbing higher interest costs.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

Sign Up for Automatic Updates

Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.

FOR FINANCIAL PROFESSIONALS

Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

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“Industry Perspectives” 3Q 2022

“Industry Perspectives” 3Q 2022

Home > Insights & News > White Papers & Research > Industry Perspectives 3Q 2022

Download our latest "Industry Perspectives"

 

Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
October 2022

Pages:
3

OVERVIEW:

Despite the global tension that has been revealed economically, diplomatically, and militarily, there are still positive signs to consider. The banking system is far better capitalized now compared to before the Great Recession, and the labor market is in a strong position to absorb some losses, each of which could help limit economic downside.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

Sign Up for Automatic Updates

Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.

FOR FINANCIAL PROFESSIONALS

Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

FOR INDIVIDUAL INVESTORS

“Industry Perspectives” 2Q 2022

“Industry Perspectives” 2Q 2022

Home > Insights & News > White Papers & Research > Industry Perspectives 2Q 2022

Download our latest "Industry Perspectives"

 

Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
July 2022

Pages:
5

OVERVIEW:

While examining past market cycles is interesting, it does not provide a magic formula for investors trying to determine the market bottom. The old adage is still true that past performance is no guarantee of future results, but we can still learn lessons from past bull and bear markets and apply them to our current investment decision making.

In this latest Industry Perspectives, we discuss:

  • One of the challenges of applying lessons from past bear markets is that recessions are not officially classified until well after they begin and end.
  • It is impossible to know how much the Federal Reserve will need to raise interest rates and how long the process will take to bring inflation back to its targeted long-term 2% annualized rate.
  • We suspect the markets could be more volatile than usual in the coming months, as economic data indicates which way the economy is heading.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

Sign Up for Automatic Updates

Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.

FOR FINANCIAL PROFESSIONALS

Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

FOR INDIVIDUAL INVESTORS

“Industry Perspectives” 1Q 2022

“Industry Perspectives” 1Q 2022

Home > Insights & News > White Papers & Research > Industry Perspectives 1Q 2022

Download our latest "Industry Perspectives"

 

Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
April 2022

Pages:
5

OVERVIEW:

A number of existing issues continue to weigh on markets, including the extraordinary monetary and fiscal stimulus measures taken to boost the economy amidst the COVID pandemic, as well as new issues such as the war in Ukraine. Disruption from the war and sanctions on Russia will exacerbate the supply-side inflationary problems worldwide in the near-term. However, the labor market remains strong, as are consumer balance sheets, and there is still a lot of pent up consumer demand for a range of products and services.

In this latest Industry Perspectives, we discuss:

  • Resurgent variants of COVID and the war in Ukraine have added to the existing uncertainty in the markets, buoyed by an inverted yield curve signaling a potential looming recession.
  • However, the labor market remains strong, as are consumer balance sheets, and there is still a lot of pent up consumer demand.
  • The Federal Reserve will try to manage a soft landing, bringing inflation under control with as little damage to the economy as possible.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

Sign Up for Automatic Updates

Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.

FOR FINANCIAL PROFESSIONALS

Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

FOR INDIVIDUAL INVESTORS

“Industry Perspectives” 4Q 2021

“Industry Perspectives” 4Q 2021

Home > Insights & News > White Papers & Research > Industry Perspectives 4Q 2021

Download our latest "Industry Perspectives"

 

Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
January 2022

Pages:
5

OVERVIEW:

The total return for the S&P 500 was 28.71% in 2021, bringing the 3-year annualized return for 2019-2021 to 26.07%, the eighth highest such compounded return since 1926. As illustrated in our last newsletter, it is rare for this 3-year annualized rate to track above 25% for consecutive years, though not unprecedented. The record is mixed, but some correction or at least normalization of returns has typically occurred within the following couple of years.

In this latest Industry Perspectives, we discuss:

  • Current balance sheet strength, coupled with pent up demand, suggests that consumer demand is likely to remain strong moving into and throughout 2022.
  • The prospect of higher interest rates remains, as the Federal Reserve (the Fed) finds itself needing to combat the inflationary effects confronting the economy.
  • We believe the prospect of continued or worsening inflation is the biggest risk to the market and understanding the causes and likely actions by the Fed to combat it is critical.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

Sign Up for Automatic Updates

Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.

FOR FINANCIAL PROFESSIONALS

Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

FOR INDIVIDUAL INVESTORS

“Industry Perspectives” 3Q 2021

“Industry Perspectives” 3Q 2021

Home > Insights & News > White Papers & Research > Industry Perspectives 3Q 2021

Download our latest "Industry Perspectives"

 

Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
October 2021

Pages:
4

OVERVIEW:
The stock market was essentially flat in the 3rd quarter with the S&P 500 rising just 0.58%; bond returns were slightly negative. The quarter started strong as corporate 2Q earnings reports pleased investors, by and large, with near-record numbers of reporting companies beating expectations, thus prompting positive earnings revisions. However, the market sold off hard in September as economic, political, and geopolitical tensions ramped up, impacting both stocks and bonds.

In this latest Industry Perspectives, we discuss:

  • Inflationary fears have gripped the stock markets, which has driven interest rates back up.
  • The Federal Reserve has signaled its willingness to soon taper monthly bond purchases before the end of the year.
  • Congress continues to debate the trillion dollar infrastructure bills, causing the markets to react harshly to the uncertainty.
  • We see the potential for higher equity prices in the near-term but lower overall returns next year compared to the past few abnormally high-return years.

Fundamental Approach

We get to know the companies we invest in and learn how they run their business.

Top-Down & Bottom-Up

We identify Top-Down broad, secular growth trends and search for companies from the Bottom-Up.

Proprietary Philosophy

We construct our portfolios based on our own proprietary investment strategy.

Disciplined Investing

Sticking to our disciplined investment strategy ensures we maintain a consistent, balanced approach.

Sign Up for Automatic Updates

Stay up-to-date with the most recent media coverage and press releases about the Buffalo Funds.

FOR FINANCIAL PROFESSIONALS

Terms of Use – Email lists are created for use by U.S. investment professionals only and are published strictly for informational purposes. Providing access to the content of these emails does not explicitly or implicitly constitute a solicitation of services or products of the Buffalo Funds, Kornitzer Capital Management, or any of their affiliates. The information contained in the emails is not intended for distribution to, or for use by, investment professionals in a jurisdiction where distribution or purchase is not authorized. The information contained in these emails is not appropriate for use by individual investors. By registering for any of these emails, you agree to Buffalo's terms and conditions and that you are qualified as an institutional investor or otherwise member of a registered broker/dealer, registered investment advisor, or investment consulting firm.

FOR INDIVIDUAL INVESTORS