Bubbles, Focus Matters and Expanding Our Team – Entasis Newsletter 4Q17

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Section Summary

  • Expanding Our Team – On January 2, we added our first new team member since our firm was founded.
  • Market Notes – A quick review of our global market drivers does not indicate much change on the horizon. Things broadly look positive. We are not, however, conditioned to blissfully ride the wave. We are wired to be cautious – particularly when it seems like all is well.
  • Equity & Fixed Income Comments – Within our equity allocations we continue to emphasize domestic large-cap growth stocks, foreign small-/mid-cap equities and emerging market equities, although we have begun to reduce our exposure to growth equities in the U.S. Fixed income allocations remain moderately short interest rate risk and underweight corporate credit risk. Broadly, we like emerging market bonds, securitized assets and insurance-linked securities.
  • Research Focus – Investment bubbles are hard to witness and not want to take part in. However, we have to remain disciplined as investors. We cannot sacrifice our long-held beliefs in the pursuit of a quick buck.
  • Client Focus – Focus Matters. The challenges of dealing with market complexity.