October 25, 2023
Speaking on an earnings panel, Andrew discusses key takeaways from Alphabet’s Q3’23 earnings report. He highlights pressure on the NYSE FANG+ Index with overcrowding in Magnificent Seven names like GOOGL.
October 16, 2023
Although the S&P 500 fell 6.5% during August and September, Andrew explores the possibility of more near-term downside. There’s a case to be made for taking advantage of cheap entry points into deep cyclical stocks sometime near the beginning of 2024.
August 10, 2023
Advisors weigh in on the AI hype cycle, with Andrew stating why we prefer to invest in the suppliers of the AI build-out (NVDA) as opposed to the hyperscalers doing the building (MSFT).
August 5, 2023
Andrew appears on a panel with Daniel Rubino to discuss Apple’s most recent earnings report. We see softness in the stock price following earnings as a buying opportunity. Growth in services revenue and in certain geographies are a bright spot, while on the product side, ongoing growth in the installed base makes AAPL a compounding earnings story going forward.
August 3, 2023
JSC Advisor Michael Cordano comments on the impact a weaker dollar has on U.S. equities, ultimately saying every investment needs to be justified by strong fundamentals.
July 7, 2023
Cruise line stocks came under immense pressure during the pandemic and may now be well positioned for growth given several factors that are expected to improve profit margins.
July 5, 2023
Medicare is a core component of healthcare coverage in retirement, but it’s not the only consideration. We explore commonly overlooked items, such as the early retirement gap and Long-Term Care funding.
May 31, 2023
Cybersecurity concerns are front and center as adversaries integrate generative A.I. into their activity and threat detection becomes increasingly critical. Palo Alto Networks (PANW) and Fortinet (FTNT) are among our top picks in the space.
May 10, 2023
Andrew joins Chuck Jaffe during the Market Call segment of his podcast Money Life. Tune in at the 31:50 mark to hear why JSC portfolios are defensively positioned at the moment. Andrew also shares examples of recent buys/sells.
April 25, 2023
Appearing on ‘Making Money’ Andrew speaks about repercussions of the regional banking crisis, while highlighting stocks to buy in the event of a ‘fire sale’ as well as a defensive telecom play with material upside potential.
April 14, 2023
Regardless of which company ends up becoming the dominant in the Artificial Intelligence space, the increased competition will benefit GPU and network equipment stocks.
February 9, 2023
JSC Advisor Michael Cordano comments on a possible hidden cost for season tickets, in an Investment News article exploring the pitfalls to consider when passing tickets to heirs.
February 3, 2023
AAPL, GOOGL, MSFT and AMZN are all facing a difficult macro environment and investors prefer these companies cut costs to defend profit margins. META was the cleanest mega-cap story going into and out of earnings given easier comps, lack of cloud exposure and well-defined cost cutting.
January 30, 2023
We expect stocks to come under pressure in the short term, though certain sectors have a more favorable outlook. Look to companies producing innovative medical devices for home-use now that healthcare can expand beyond singular focus on Covid-19. In addition, alternative energy companies like Array (ARRY) are positioned to benefit from the Inflation Reduction Act.
January 17, 2023
A new survey shows the retirement crisis in the US has substantially worsened over the past year due to a combination of factors, including inflation and a falling stock market. JSC Advisor Joy Budnik suggests things could be even worse than the survey suggests, looking at the drop in the S&P 500 during calendar year 2022 and focusing on how health-related items can exacerbate a strain on savings.
December 6, 2022
Elevated real yields, a challenging business landscape and disappointing earnings set the stage for a buying opportunity in software stocks during the late winter or early spring of 2023.
October 11, 2022
Andrew discusses JSC’s underweight in the technology sector relative to the S&P 500, why real yields are key for technology stocks and what factors we’d expect to lead to a cyclical recovery.
September 28, 2022
Andrew joins Chuck Jaffe during the Market Call segment of his podcast Money Life. Tune in at the 36:20 mark to hear Andrew’s perspective on investing during a tough macro environment and get Andrew’s take on listener-directed stock picks.
August 29, 2022
September is the month when the stock market’s three leading indexes usually perform the poorest. However, due to the de-risking that has already taken place this year, it’s reasonable to expect a better-than-usual September.
August 22, 2022
Andrew appears on ‘The Claman Countdown’ to discuss the strength of the US consumer, tough comps retailers will face in Q3 and why Ulta Beauty remains an attractive investment.
July 22, 2022
Dividend-paying stocks play an important part in a retiree’s portfolio. Beware the reach for yield and instead focus on high-quality dividend-paying stocks in inexpensive sectors.
July 15, 2022
Andrew comments on earnings reports from Morgan Stanley (MS) and JPMorgan Chase (JPM), noting positive takeaways about the health of the consumer from JPM. However, regional banks are the place to look for growth, with First Republic (FRC) a top choice.
June 8, 2022
Andrew maintains a favorable view of payment stocks long-term, but is more cautious in the near-term as a rising interest rate environment puts pressure on premium multiples. Credit card network names like V and MA will need to be driven by earnings in the near-term, while AXP faces difficult comps over the next 12 months.
June 3, 2022
JSC Advisor Joy Budnik comments about the ‘gamification’ of investing and a new SEC game-show ad campaign, which highlights the potential downside of merging social media with investment speculation.
May 27, 2022
In comments to Investment News, Joy discusses one of the major potential problems with a reverse mortgage and why it is not ideal to rely on home equity as the sole source of income in retirement.
May 26, 2022
Speaking on a panel, Andrew explores why strong labor market data and resilient credit conditions make an imminent recession unlikely. Removing near-term recession risks, would make current levels a significant buying opportunity.
May 17, 2022
The equity landscape seems bleak, but there are reasons this year’s equity selloff constitutes unsustainable panic. Andrew explores why brighter days are ahead and names three stocks to watch as mid-to-late cycle dynamics play out once inflation concerns recede.
April 5, 2022
Speaking with Bobbi Rebell of the Money Tips for Financial Grownups podcast, Andrew discusses smart ways to invest in an inflationary environment.
March 30, 2022
With taxes top of mind, Andrew discusses three creative strategies for investors looking to reduce taxes paid on investment income and capital gains.
March 2, 2022
Dan Romanoff and Andrew Graham break down Salesforce (CRM) 4Q earnings and what it says about the broader technology sector and cloud stocks amid recent weakness
February 18, 2022
Interest rates and bond yields were the primary driver of the January correction, which in terms of magnitude was inline with past market reactions at the beginning of a tightening cycle. Expect Fed to be methodical and data driven as interest rate hikes are used to curb inflation. While there is risk for a policy mistake, many overlook the possibility Fed could get it right.
February 1, 2022
Despite the slump in Technology, software firms continue to trade above their 20-year average. However, no one should expect multiples to approach historical averages, especially among software-as-a-service (SaaS) firms, which now generate healthy recurring revenues, strong Operating Margins and sustainably higher free cash flow generation.
December 14, 2021
Andrew discusses the macro factors and fundamental tailwinds supporting energy stocks, and identifies companies we expect to be upside standouts.
November 15, 2021
The qualified small business stock (QSBS) capital gain exclusion applies to any business, though it is especially relevant to high-net-worth investors associated with tech startups. Learn more about how the exclusion works and how to make the most of it.
November 10, 2021
Easing supply chain issues and a high savings rate give way to expectations for a robust U.S. consumer in 2022. In light of this, Andrew’s stock picks include Victoria’s Secret (VSCO), Schlumberger (SLB), and Ovintiv (OVV).
October 27, 2021
Andrew discusses four red flags associated with investments in opportunity zones, concluding QOZ funds are more about hype than substance when it comes to tax planning.
October 11, 2021
Among cyclical sectors which benefit from fading Covid concerns, Energy is set to take a leadership role. Andrew speaks about supply and demand dynamics, as well as why current positioning make energy names like OVV, RDS/A and SLB attractive.
September 30, 2021
JSC’s own Cannon Allen speaks with Barron’s about the fiduciary nature of a conservatorship, which contrasts with abusive practices sometimes seen.
September 3, 2021
Andrew discusses two companies with strong balance sheets, and significant upside potential. VSCO appears to be mispriced following its spin from L Brands, while BAM is still valued under an old capital allocation model that doesn’t account for positive changes to the company’s fundraising efforts.
August 5, 2021
With bond yields currently reflecting late cycle dynamics, we look to the next few jobs reports for proof of a durable and sustainable cyclical recovery. An in-line/higher number on Friday will reinforce macro fundamentals which still point to early cycle dynamics, higher bond yields and cyclical equity sector outperformance—with OLN, LBV and LIN among the beneficiaries.
July 21, 2021
Andrew Graham explains why Jackson Square Capital doesn’t have enough conviction in cryptocurrency to buy into the hype: 1) crypto doesn’t have enough of a track record to get a good understanding for things like correlation, and 2) it’s tough to value since it doesn’t produce cash flow. JSC does have exposure to blockchain-based digital payments platform, however, via investment in SBNY.
June 22, 2021
Prices have been climbing amid faster than expected reopening and recovery, low interest rates, and supply constraints. If inflation ends up being more than transitory, it likely spells the end of outsized gains in tech. An inflationary environment favors companies with exposure to hard assets, such as real estate and infrastructure. Other bright spots include energy, materials, mining and some regional banks.
June 18, 2021
There are unique challenges associated with managing a concentrated equity position, but ultimately we all face the same two ‘elephants in the room’ when it comes to money: and those are emotion and uncertainty. Having a plan that balances a client’s financial security with desire for upside, along with other goals is critical.
May 21, 2021
Many companies cancelled stock buyback plans last year during the Covid lockdowns due to uncertainties, but now feel more comfortable about increasing shareholder returns via dividends and stock buybacks. Expect to see firms to enact buybacks as they grow optimistic about near-term prospects and as the economy continues to open up amid rapid vaccinations.
May 11, 2021
Supply constraints build as a result of strong demand, with the US consumer not skipping a beat. Expect pricing pressures to be more acute and broad-based in the near-term as Fed policy prioritizes lingering labor market weakness. Higher inflation remains as a key identifiable risk for equity markets in Q3.
May 4, 2021
Utility stocks are considered a ‘bond proxy’ due to their high dividend payout ratios. Utility stocks are struggling because bond yields are currently rising, but we may consider including Utilities in portfolios when our bond yield forecasts changes.
May 4, 2021
74 million Americans have gained access to legal sports betting markets since 2019, with the potential for an even bigger boost as states look to capture sports-gambling-related taxes in the wake of pandemic-related fiscal challenges. Mobile betting and in-game wagering create additional momentum. Those with the greatest potential to benefit are sportsbooks, strong brands like Barstool Sports, and companies that have agreements to broadcast major professional sports.
April 9, 2021
BP to become first oil major to resume share buybacks, while competitors remain cautious. Andrew says buybacks may be important to the group now as investors prefer slower capital spending and better free cash flow generation.
March 31, 2021
The global growth story and bottleneck pressures have lifted core goods pricing to a 20 year high. As growth rotates to the service sector, we could see reflation emerge.
March 31, 2021
As the economy perks up, there’s the temptation to take the ‘value is everywhere approach.’ That won’t be the case. We look to cyclically sensitive stocks, focusing in particular on banks, and highlight opportunities to find unexpected value within tech.
March 15, 2021
Consumer confidence was already increasing prior to the latest round of stimulus. But, are the latest checks a tradable event? Hear from experts, including Andrew Graham, who expects incremental benefits to accrue to growth retailers.
February 24, 2021
The Wall Street Journal outlines four steps you can take when answering this question in today’s low-rate environment. As mentioned in the article, Andrew Graham, CFA is generally in favor of keeping a mortgage of up to the tax-deductibility limit of $750,000. But, there are exceptions.
February 24, 2021
Dividend increases are expected from US companies whose earnings have been far more resilient than firms in the Eurozone and UK economies during the pandemic. Companies in the consumer staples, financials, energy, and technology sectors are most likely contenders.
February 19, 2021
Rising bond yields put downward pressure on earnings multiples across the board, and create risk for lower re-rating in richly valued software and technology companies. There are, however pockets of opportunity, including Verisign and GoDaddy.
February 17, 2021
Eight market experts predict the likelihood of a correction and identify sectors and stocks likely to be hurt in the downturn, and contrarily, which sectors would be buoyed further by a continued rally.
February 8, 2021
Investment and career dynamics for NFL players call for tailored investment strategies. Unlike other high-income earners, most professional NFL players’ earnings are concentrated within a short window of time. This makes income planning critical, and also informs investment selection. Time constraints, unique income tax implications and the speed at which earnings can accumulate all factor into the financial fitness of these top tier athletes.
February 5, 2021
With rates low, companies will look to mergers as business catalysts. Financials are an obvious beneficiary and attractive on their own, although we’ve identified three potential acquisition targets in this space. In addition, keep an eye on health care and biotech sectors, especially companies on the brink of producing promising phase three data for headlines drugs.
January 19, 2021
The incoming Biden administration and Democrat–controlled Senate increases fiscal spending expectations, and adds conviction to our call for higher bond yields and curve steepening. As a result, we maintain our cyclical/value equity bias with an eye on deep-cyclicals. We share two of these names with Nicole Petallides.
December 14, 2020
There have been multiple short-lived rotations into value since 2009. None have lasted long, and it may be tempting to think the current rotation won’t have staying power either. Writing for US News, Andrew covers the events that contributed to eleven years of cyclical/value sector underperformance and makes the case why this time may be different. He also identifies three value stocks at fundamental inflection points
Andrew Graham on The Claman Countdown
November 24, 2020
Speaking with Liz Claman on Fox Business News, Andrew shares two value sector stocks and one growth stock with incredible upside potential. The two also briefly discuss Biden’s Treasury Secretary nominee, Janet Yellen.
Link coming soon.
November 3, 2020
A Democrat ‘trifecta’ would probably lead to large-scale fiscal spending and rising bond yields, benefiting the financial sector. If Trump wins reelection, the GOP maintains its majority in the Senate and the House remains under Democratic control, investors are likely to forget about the prospect of higher tax rates and more business regulations, leading to immediate upside. However, overall markets prefer divided government.
October 16, 2020
Andrew identifies Apple suppliers that could benefit the most from sales of the newly released 5G iPhone. He also cautions Reuters’ Fred Katayama on a group of stocks to avoid.
October 5, 2020
Biden tax plan to have negative implications for US businesses, especially those with foreign subsidiaries. Higher corporate tax rates would be a slight headwind for S&P 500 earnings. The outlook for individuals and families is more complicated, and we provide an overview of potential changes and actions to deal with implications.
September 7, 2020
As economic data and vaccine optimism improve, expectations for tech companies are likely to rise and we are more likely to see tech names start to fall short of (already outsized) expectations. This domino effect could spur a rotation out of tech and into value cyclicals.
July 27, 2020
Speaking with Haidi Stroud-Watts, Andrew discusses the risk posed by US/China headlines and the current market impact of COVID-19.
July 26, 2020
Speaking with Doug Krizner and Paul Allen, Andrew discusses why US data momentum is the biggest driver for US equities, why the tech runup isn’t a bubble, and how gold fits into the current economic picture.
July 24, 2020
The fallout from COVID combined with increased anxiety around the upcoming election has retail investors hoarding cash and steering clear of the markets, in what’s considered a bullish contrarian signal. Apart from the election, Andrew discusses a few possibilities and their potential impact on markets.
July 17, 2020
Andrew discusses the equity risk premium and why equities are inexpensive relative to bonds. And why recent strength in cyclical/value sectors is unlikely to lead to rotation out of growth.
June 24, 2020
Tech names clearly benefit from COVID-19 disruption, specifically in a more rapid adoption of cloud computing. But in this segment we focus on Eli Lilly (LLY), our cleanest growth story in Pharma with a strong product pipeline and catalysts ahead.
June 8, 2020
The recent rally in equity markets has occurred despite weak overall economic activity and still bearish investor sentiment. The key factor is the rapid growth in money supply, which has created an unprecedented global liquidity boom to support markets in the face of extraordinary hurdles.
May 21, 2020
Low bond yields drive equity market and our move to ‘sustainable dividend yield’ names. We expect short term consolidation followed by higher levels in the SPX H1 2021 and economic recovery to 2019 levels by late 2021.
May 15, 2020
Speaking with Haidi Stroud-Watts on Bloomberg Daybreak Australia, Andrew discusses the outlook for oil prices and the potential for attractive investments in US Energy.
May 15, 2020
Investors are bracing for more turbulence in U.S. stocks, as some states prepare to reopen their economies and global trade tensions rise. Andrew mentions JSC’s focus on stocks he believes can maintain high dividend yields, especially within the pharmaceutical industry.
April 28, 2020
Lower for longer bond yields make bond-like equities an eventual substitute for frustrated income investors. Companies with sustainable dividend yields fit the bill. Andrew mentions a few names in particular while speaking on TD Ameritrade Network.
April 10, 2020
A strategy involving a loss limit rule may position you to maximize gains, limit more severe drawdowns during a bear market and drive tax-efficient investment returns.