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Financial Fitness & Life Planning

September Update

The stock market remains resilient, but my outlook is mixed.  The market pillars of strong earnings growth and low interest rates remain intact, and are increasingly enhanced by a business-friendly tax and regulatory framework.  I strongly believe, however, that it would not be prudent to embrace these positive factors fully in the present environment of elevated valuations on virtually all measures within a historical context, Fed tightening, high corporate leverage, deteriorating credit quality, and investor complacency.

 

Moving from the broad market to individual stocks, I recently purchased Pfizer, United Technologies and JPMorgan Chase for my fund.  Pfizer is a value stock trading at 14x earnings and yielding over 3.5%.  United Technologies declined when it announced its intended purchase of Rockwell Collins.  The deal is expensive, but strategically it makes sense and the company has a long history of successful acquisitions.  JPMorgan Chase is best in breed in an industry that is positioned well for rising interest rates.

Michael Berlin can be contacted at mberlin@mhbpartners.com and at (631) 629-4928 .

The information included in this article is not intended to be used as a basis for making investment decisions nor should it be constructed as a recommendation to buy or sell any specific security. Consult your investment professional for additional information and guidance.
 

 

 

 

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