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Institutional / Advisor Relations:
Christopher Crawford
(913) 647-2321
ccrawford@buffalofunds.com
Scott Johnson
(913) 754-1537
sjohnson@buffalofunds.com
For general inquiries, please email us at advisers@buffalofunds.com.
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“MANAGING CLIENT EXPECTATIONS IN A VOLATILE MARKET” We believe the best advice an adviser can give a client is to show them that time in the market, not market timing, is one of the best ways to capitalize on stock market gains. That’s why it’s so important for financial advisers and their clients to agree on a plan now and set realistic expectations for the inevitable market fluctuations. Read More February 2022 — 4 pages |
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“DISRUPTION IN HEALTHCARE INVESTING 2020″ Healthcare is being disrupted… and we’re just getting started. The healthcare sector should continue to be one of the most dynamic investment sectors in the world economy. Our report details the demographic changes, transformative technology, and social and cultural shifts affecting the healthcare industry. Read More Ken Laudan — August 2020 — 14 pages |
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“2020 FORECAST FOR SMALL CAP STOCKS” U.S. small cap stocks posted solid performance in 2019 but lagged behind the S&P 500 Index, marking 3 years in a row of underperformance versus large cap stocks. Considering small caps have historically outperformed large caps, though with greater volatility, here’s what we believe this year holds for small caps. Read More Jamie Cuellar, CFA; Bob Male, CFA; Alex Hancock, CFA — January 2020 — 7 pages |
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“INTERNATIONAL EQUITIES — THE NEW MARKET LEADERS?” With international outperforming the U.S. over the last half of 2018, many investors are wondering if they missed the opportunity to increase their exposure to international markets. In our ongoing analysis of the international investing climate, we take a look at a key ratio that has been called “the single greatest predictor of future stock returns”. Read More Bill Kornitzer, CFA — February 2019 — 10 pages |
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“MARKET SENTIMENT VS. FUNDAMENTALS” With all the recent volatility, the belief that the market is in a tailspin and it’s time to pull out is widespread, but a look at market fundamentals tells a different story. This latest piece helps adivsors and investors set sentiments aside and focus on the fundamentals to remove the panic from the markets. Read More February 2019 — 4 pages |
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“THE CASE FOR INVESTING INTERNATIONALLY” In this updated report on the current international investing climate, we discuss the characteristics of the international equity sector, the impacts of “trade war” rhetoric and actions, and the progress of global economic cycles. Read More Bill Kornitzer, Nicole Kornitzer — August 2018 — 10 pages |
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“ARE WE AFRAID OF TRADE WARS?” Because the phrase “Trade War” has been in the news so consistently of late, investors have naturally felt the need to ask us how the trade wars could affect our Buffalo International Fund. In this latest insight from our PMs, we look at our investment approach and style to gauge any potential impacts from the trade disputes. Read More Bill Kornitzer — July 2018 — 4 pages |
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“3 CONVERSATIONS DURING MARKET VOLATILITY” After a long and fairly peaceful run, the stock market has been on a roller-coaster ride thus far in 2018. With the 2008-2009 financial crisis and resulting severe bear market still fresh in the mind of many investors, it’s no wonder people are asking if they’re positioned to protect against heavy losses. This guide will help guide investors through 3 very important conversations during these volatile times. Read More June 2018 — 8 pages |
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“BEYOND BETTER DAYS FOR ACTIVE MANAGEMENT” Is this the active management renaissance we’ve been waiting for? Much has been made about the death of active strategies. The reality is: active investing has evolved. Beating or timing the market was always a race to the bottom. Many financial advisers today are using active strategies, seeking to add incremental return while reducing downside risk. Read More April 2018 — 5 pages |
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“TRUMP TARIFFS & CURRENT STATE OF INTERNATIONAL MARKETS” Listen to a recent Q&A session hosted by our International Fund portfolio managers, Bill Kornitzer and Nicole Kornitzer In the Q&A, they answered questions about the recent announcements regarding tariffs and how the international markets are impacted. The PMs also provide examples of companies in their portfolio that shows their investment process at work as well as what differentiates their fund from others. Read More Bill Kornitzer, Nicole Kornitzer — March 2018 — 7 audio files |
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“POTENTIAL ADVANTAGES OF BOUTIQUE INVESTMENT FIRMS MANAGING MUTUAL FUNDS” Boutique management firms are built on the passionate belief that they can deliver solid and consistent risk-adjusted performance over the long term by employing distinct, well-defined, and repeatable investment processes. A boutique mutual fund management firm can have many advantages over larger asset management firms, including possible outperformance, more alignment of the interests of investors and money managers, and more differentiation and discipline in investment processes. Read More December 2017 — 8 pages |
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“WHY INVEST INTERNATIONALLY NOW?” How economic cycles, GDP growth, global savings rates, and relative valuations could all be possible indicators of increased opportunity in international equity investing Our International Fund portfolio managers provide a detailed analysis of various global factors they view as key drivers of growth in international markets and why today’s investing environment could be ideal for investors looking to expand their international exposure. Read More Bill Kornitzer, Nicole Kornitzer — October 2017 — 13 pages |
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“SEEKING GROWTH THROUGH INNOVATION” How the Buffalo Discovery Fund portfolio managers use innovation as the cornerstone of their investment strategy In this latest report, we outline our views on innovation as a key component of our investment criteria for companies in the Buffalo Discovery Fund portfolio. Read More Clay Brethour, Dave Carlsen — September 2017 — 4 pages |
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Cautious positioning could be key We now believe the high yield market offers more risk than reward. While we are not forecasting an imminent recession, numerous factors could result in wider credit spreads down the road. Read More Paul Dlugosch, Jeff Sitzmann, Jeff Deardorff — September 2017 — 5 pages |
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HOW WILL THE FEDERAL RESERVE RING IN THE NEW YEAR? The market currently expects at least two more Federal Funds rate hikes in early 2023 and a high of 5-5.25%. — 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. Read More January 2023 — 5 pages |
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A VARIETY OF GLOBAL FACTORS — BOTH POSITIVE AND NEGATIVE — CONTINUE TO AFFECT U.S. MARKETS 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. Read More October 2022 — 3 pages |
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LESSONS LEARNED DURING PREVIOUS BULL & BEAR MARKETS 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. Read More July 2022 — 5 pages |
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DESPITE ECONOMIC HEADWINDS, POSITIVE INDICATORS SHINE THROUGH A number of existing issues continue to weigh on markets, as well as new factors such as the war in Ukraine and the sanctions on Russia. — 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. Read More April 2022 — 5 pages |
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CAN THE FEDERAL RESERVE “THREAD THE NEEDLE” WITH INTEREST RATES? We believe the biggest risk to markets is the prospect of continued or worsening inflation, and understanding the causes and likely actions by the Fed to combat it is critical. — However, we do believe the Federal Reserve will manage the interest rate situation prudently and that inflation will remain historically high but manageable. Read More January 2022 — 5 pages |
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INTEREST RATES AND NATIONAL DEBT CONTINUE TO WEIGH ON MARKETS Inflationary fears, upcoming Federal Reserve bond tapering, and uncertainty surrounding the passage of Congressional infrastructure bills continue to grip the markets. — We do see potential for higher equity prices in the near-term but lower overall returns next year, especially compared to the past few abnormally high-return years. Read More October 2021 — 4 pages |
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ANOTHER ‘TANTRUM’ IN 2021 OR 2022? There are definitely parallels between the recent deep COVID-19 led recession and the 2008-2009 version. — In both cases, central banks and governments pumped money into their economies and there were concerns about the Fed turning off the tap and the risk of rising inflation. Read More July 2021 — 3 pages |
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“NEW YEAR, NEW OUTLOOK FOR THE COUNTRY ” The impact of the COVID-19 virus has been seen throughout all sectors of the economy and government, but we foresee robust U.S. economic growth starting in the second half of 2021. — During the post-vaccination period this year, pent-up demand for virtually everything outside of home will provide a springboard for a dramatic economic recovery. Read More January 2021 — 3 pages |
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As we approach the end of a tumultuous year, our economy is still reeling under the effects of the COVID-19 coronavirus pandemic, even with many parts of the country reopening to a “new normal” of face masks and limited public interaction. — The upcoming Presidential election will add even more uncertainty to the markets. Read More October 2020 — 2 pages |
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“THE RETURN TO A ‘NEW NORMAL’ ” As the daily case count of the COVID-19 virus in the U.S. has shifted back into its growth phase, following the reopening of the economy, many regions are re-instituting lockdown measures in response. — This could disrupt what has been an improving outlook for consumer sentiment, consumer spending, and unemployment. Read More July 2020 — 3 pages |
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“CORONAVIRUS DOMINATES THE GLOBAL DISCUSSION” The COVID-19 coronavirus pandemic was a “black swan” event – an unpredicted event that arises seemingly from nowhere and wrecks local and global economies. — Given the significant amount of uncertainty that has kept the market pundits worried over the course of this past bull market, it took a virus to bring the world economy to its knees. Read More April 2020 — 3 pages |
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“ENDING THE DECADE WITH A STRONG FINISH” For the first time in U.S. history, the U.S. economy started and ended an entire decade without a recession. What a difference a year makes! — A year ago, market watchers were worried about rising interest rates, trade friction, and geopolitical tensions, resulting in a yearly decline for the S&P 500 Index for the first time since 2008. Read More January 2020 — 3 pages |
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“U.S. – CHINA TRADE WAR CONTINUES TO LEAD MARKET DISCUSSIONS” For all of the excitement that transpired in the 3rd quarter, it was remarkable that the U.S. equity market eked out a modest increase of 1.70% for the quarter, as measured by the S&P 500 Index — The ongoing market volatility from an abundance of changing data points has introduced additional market risk. Read More October 2019 — 3 pages |
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“TRADE DEALS, CENTRAL BANK RATE POLICIES, & THE BULL MARKET RUN” With the S&P 500 posting its best 1st half of a year since 1997, two underlying forces continued to drive financial markets and will likely continue going forward into the 2nd half of the year. — For years, nations have used tariffs and regulations to protect internal businesses. Read More July 2019 — 3 pages |
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“HOW THE MARKET CAME STAMPEDING BACK IN 2019” Equity markets produced a significant reversal in the 1st quarter of 2019 following one of the worst periods of performance to close out 2018. — Much of the reversal in market sentiment was a result of the Federal Reserve’s policy change and movement in the U.S. – China trade deal. Read More April 2019 — 4 pages |
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“2018 ENDED ON A SOUR NOTE — HOW WILL 2019 BEGIN?” Worries about rising interest rates, the continuing trade friction between the U.S. and China, and geopolitical tensions tempered risk appetites among investors in the 4th quarter. — For the first time since The Great Recession of 2008, the S&P 500 Index posted a loss for the year. Read More January 2019 — 4 pages |
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“THE ROBUST U.S. ECONOMY CARRIES ON” With the holiday season quickly approaching, this is a positive indicator for consumer spending and could help the markets finish the year strong. — The disparity between growth stocks and value stocks is perhaps the most glaring factor that could impact investors’ portfolio performance over the next 18 months. Read More October 2018 — 3 pages |
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“BITCOIN – GLOBAL CURRENCY OR SPECULATIVE BUBBLE?” Bitcoin has made many headlines in the past year without a full understanding of the potential downfalls of the cryptocurrency. — Many investors also question whether Bitcoin is riding a speculative wave that could soon collapse. Read More July 2018 — 3 pages |
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After a strong start to 2018, volatility was reintroduced into the markets. — Rising interest rates, effects from the 2017 tax reform, and U.S. / international trade tariff discussions are major market disruptors. Short-term volatility is just the beginning and could intensify as other central banks reduce their easy money policies. Read More April 2018 — 3 pages |
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“IN 2018 EXPECT MORE OF THE SAME” With U.S. stocks having their best year since 2013, the strong performance was also seen in most of the major global equity markets — A rare tailwind that continues into 2018 is “synchronized global growth”. More of the world’s central banks may also start to unwind the extreme stimulus measures that have been in place for nearly the past decade. Read More January 2018 — 3 pages |
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“INTEREST RATES & THE FEDERAL RESERVE” The equity markets continued their upward trajectory during the 3rd quarter, with most market indices closing the quarter at or near all-time highs — There are 2 key events that will take place over the coming year that will likely have an impact on the market. 1) The Fed will begin to shrink their bond portfolio. 2) There could be a shake-up in Fed leadership. Read More October 2017 — 4 pages |
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“OUTLOOK FOR THE REMAINDER OF 2017” With the market momentum in Q1, the first half of 2017 has been the best start for global equities since 1998. — As we move into the 2nd half of 2017, we take a look at the global equity markets and the drivers of change that could move the markets in one direction or another. In this latest report, we also outline potential Central Bank and Federal Reserve policy changes that could affect the financial markets later this year. From pending legislation in the U.S. to upcoming international elections, we give our outlook on the industry and how it might affect you in 2017. Read More July 2017 — 4 pages |
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