“Industry Perspectives” 4Q 2021

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

Date Published:
January 2022



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.

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