We invite you to read our latest thoughts on the markets and financial planning topics. If you would like to be updated as we add new insights, please let us know or follow us on LinkedIn.

44 insights

News
New
Nov 22, 2022

Wealth Management Checklist

Is there a gap in your financial plan? Are you wondering if you are on track to meet your wealth management goals? Download our checklist to find out.
Learn more
Blog
New
Nov 18, 2022

Back to the Future: Traveling in Time to Navigate Today’s Markets

We believe the market is currently undergoing a substantial paradigm shift that could impact bond investors for years to come. The end result: We may be entering a golden age of income, reminiscent of a period in the distant past when investors focused on fundamentals and clipped coupons rather than prioritizing short-term price appreciation.
Keep Reading
Video
New
Nov 1, 2022

CNBC: Larry Cordisco Discusses Q3 Alphabet, Microsoft Earnings Reports

In Larry Cordisco's latest CNBC interview, he breaks down the third quarter earnings reports for Alphabet and Microsoft. According to Larry, Google’s results suggest the advertising market is slowing down, and it could also indicate the economy is cooling.
Watch Now
Outlook
Oct 21, 2022

Fourth Quarter Equity Outlook

Investors today probably feel a bit like the joker and the thief from Dylan’s classic, “All Along the Watchtower” – there’s too much confusion, they can’t get no relief. But our Core Equity team believes there is a way outta here – investing in dominant companies that pay growing dividends.
Keep Reading
Outlook
Oct 18, 2022

Fourth Quarter Total Return Outlook

The Fed remains singularly focused on containing inflation but has made little headway so far. We anticipate the tightening cycle will continue, which will keep downward pressure on risk assets.
Keep Reading
Outlook
Oct 11, 2022

Fourth Quarter Strategic Income Outlook

2022 has hit investors with an unprecedented 1-2 punch of sharply negative returns in both the equity and fixed income markets, but our Strategic Income team feels the selloff has created attractive opportunities in high yield bonds.
Keep Reading
Video
Sep 30, 2022

The Great Normalization: Managing Equities in a Highly Fluid Market

In this video, The Great Normalization: Managing Equities in a Highly Fluid Market, Larry Cordisco answers the question: "What is normal?" in equity markets and the economy.
Watch Now
Blog
Sep 26, 2022

20 Years of Common Sense Investing: Our Top 5 Principles

We have always believed that common sense is the key to successful investing. Since launching our Strategic Income Strategy two decades ago, our straightforward, flexible approach has allowed us to navigate all types of markets and consistently deliver strong risk-adjusted returns over time.
Keep Reading
News
Sep 26, 2022

Osterweis Virtual Roundtable Replay

If you were unable to join the Osterweis team for the Virtual Roundtable, you can watch the replay here after filling out a short form.
Fill Out the Form
News
Sep 21, 2022

Kiplinger: 5 Stocks Making the Most of Supply-Chain Issues

Companies are changing how they do business as a result of global supply chain issues, moving more towards deglobalization. This Kiplinger article quotes Larry Cordisco, who discusses Ametek (AME) and Lincoln Electric (LECU) as two examples of this trend.
Keep Reading
Video
Sep 21, 2022

CNBC: Larry Cordisco Discusses Opportunities in Tech

Watch CNBC’s interview with Larry Cordisco, Co-CIO for Core Equity, who discusses the tech sector and where he is looking for opportunities.
Watch Now
Blog
Aug 24, 2022

Strategic Income Strategy: Built to Withstand Challenging Markets

2022 has been a tough year for fixed income, as the Fed tightening cycle, inflation, and recession fears have all weighed heavily on markets. We believe the Osterweis Strategic Income strategy is well-positioned to address these types of challenges, as its flexible mandate and defensive approach help to protect against rising rates and market volatility.
Keep Reading
Blog
Aug 23, 2022

A Solutions-Based Investing Approach

There is no such thing as a one-size-fits-all approach to investing, which is why we focus on our clients’ unique needs when developing our investment strategies.
Keep Reading
Blog
Aug 18, 2022

Navigating Short-Term Dislocation Through Long-Term Thinking

Thanks to general concerns about shorter-term bonds and fears of a looming recession, many shorter duration securities are currently yielding more than longer duration securities. According to Venk Reddy, CIO for our Sustainable Credit Strategies, to properly capitalize on this unusual situation, investors must distinguish between strong credits that are discounted due to decreased market sentiment versus those with deteriorating fundamentals.
Keep Reading
Blog
Aug 2, 2022

The Fed Has a Third Mandate, and the Market Has a New Imaginary Friend

Much has been made of the market’s relationship with the Fed in recent months, but what has only been mentioned in passing is the impact on market psychology of past Fed actions. When paired with a Fed that is hyperaware of those market psychologies, we find ourselves seeing an interesting dynamic develop today as the Fed battles inflation on one hand and the risk of a recession on the other.
Keep Reading
Video
Jul 26, 2022

Quarterly Webinar Replay

If you were unable to join our quarterly webinar on July 21st, listen to the replay to hear updates from Portfolio Managers John Osterweis, Larry Cordisco, and Carl Kaufman. During the webinar, Chris Zand moderated a discussion about recent market activity and trends, portfolio positioning, and the investment team's outlook.
Watch Now
Video
Jul 21, 2022

CNBC: Larry Cordisco Discusses IBM's Earnings

Watch CNBC's interview with Larry Cordisco, Co-CIO for Core Equity, who discusses IBM's earnings report, along with other tech companies.
Watch Now
Blog
Jul 20, 2022

Fundamentally Challenged or Fundamentally Cheap? Bargain Hunting in a Down Market

2022 has been a rough year for fixed income investors (among others), as most bonds have experienced double digit losses. Perhaps the only silver lining to this situation is that many securities have declined in price even though the issuer’s credit quality has not materially changed, which has created some excellent buying opportunities for active managers like us.
Keep Reading
Outlook
Jul 19, 2022

Third Quarter Equity Outlook

Equity markets have struggled so far in 2022, but in our view the declines are largely due to “The Great Normalization” – the unwinding of the Covid economy that was defined by excess liquidity, unusually high demand, and extremely low interest rates.
Keep Reading
Blog
Jul 15, 2022

Short-Term Investing with a Long-Term Perspective

Ironically, the short-term bond market works best for patient investors with longer-term horizons, as many participants have high liquidity needs and will sell quality bonds at a discount in order to raise cash quickly. This creates buying opportunities for investors like us, as we are always happy to hold a strong credit to maturity, especially if we can purchase it below its fair market value.
Keep Reading
Outlook
Jul 14, 2022

Third Quarter Total Return Outlook

Despite the Fed’s aggressive tightening policy, we think inflation still has a ways to run, though we remain cautiously optimistic about the economy.
Keep Reading
Outlook
Jul 12, 2022

Third Quarter Strategic Income Outlook

With investors wondering whether we are finally through the worst of the selloff, our latest Strategic Income outlook tries to answer the question, “Are we there yet?”
Keep Reading
Blog
Jul 12, 2022

Inflation vs. Stagflation: A Distinction Without a Difference?

The stagflation scenario predicted as imminent by some economists never quite came to pass… at least not yet. Meanwhile, the current state of inflation appears to be the results of a series of seemingly one-off scenarios. However, if one looks closer, patterns begin to emerge.
Keep Reading
News
May 17, 2022

MarketWatch: What’s Next for the Stock Market as Investors Grapple with Fed Near ‘Peak Hawkishness’

The portfolio managers for the Osterweis Total Return Fund (OSTRX) were recently quoted in a MarketWatch article discussing the Fed’s current policy predicament and potential strategies for managing inflation.
Learn More
Outlook
Apr 21, 2022

Second Quarter Equity Outlook

Concerns about the Ukraine war, inflation, and the Fed were top of mind last quarter, but a lesser appreciated long-tern headwind is the de-globalization of the labor force, which could have profound effects on the economy.
Keep Reading
News
Apr 19, 2022

Zeo Team Joins Osterweis

We are excited to announce that on May 1, 2022, Zeo Capital Advisors' six employees became part of the Osterweis team. Their additional expertise allows us to expand our fixed income strategies and product suite into ESG-focused short duration and sustainable high yield.
Learn More
Outlook
Apr 14, 2022

Second Quarter Total Return Outlook

Russia’s invasion of Ukraine has exacerbated inflation, which was already rising. The big questions now are how far will the Fed be willing to go to slow inflation, and how will the market react as rates increase?
Keep Reading
Outlook
Apr 12, 2022

Second Quarter Strategic Income Outlook

The war in Ukraine has further complicated the investment backdrop, and fears of a recession are rising now that the U.S. yield curve has inverted. Given so much uncertainty, we are focusing on what we can control and maintaining a defensive posture.
Keep Reading
Blog
Mar 8, 2022

Market Perspectives: Our Latest Thoughts on Ukraine

The Ukraine conflict has escalated rapidly, creating a massive humanitarian crisis and increasing volatility across financial markets. In this piece we review the major economic implications of the war and discuss the steps we are taking to manage the impact on portfolios.
Keep Reading
Blog
Jan 5, 2022

In Search of Upside: Finding Opportunities in Small Cap Growth

Small cap growth stocks lagged for most of 2021 as the market simultaneously dealt with the pandemic, inflation, and tightening Fed policy. Given these challenges, we have been focusing on high quality companies trading at attractive valuations, and we have also been looking at non-technology businesses that are embracing digitization.
Keep Reading
Blog
Dec 7, 2021

The Power of Tax-Efficient Compounding

With day trading making headlines, it seems that many investors have lost focus on the value of a buy-and-hold approach. We explain why it may make sense to harness the potential power of tax-efficient compounding when it comes to long-term wealth creation.
Keep Reading
News
Nov 8, 2021

MarketWatch: Easy money in junk debt markets helps borrowers, but are investors risking too much in a reach for yield?

In this MarketWatch article, Craig Manchuck provides his perspectives on the high yield market.
Learn More
Commentary
Nov 3, 2021

Fourth Quarter 2021 Market Perspectives

The third quarter of 2021 was characterized by a highly volatile equity market and a sluggish bond market. In our Fourth Quarter Market Perspectives newsletter we discuss why we believe we could see an extended cycle of capital investment that could be the impetus for both broadening growth and job creation.
Read our Market Perspectives Now
Blog
Sep 30, 2021

Is the Fed Ignoring Its Own Inflation Data?

The Fed continues to assert that elevated inflation is largely due to “transitory factors,” but the Underlying Inflation Gauge, which is published by their own New York branch, tells a different story. To understand where inflation is heading, we advise investors to pay close attention to UIG data, even it if the Fed doesn’t.
Keep Reading
Commentary
Aug 5, 2021

Third Quarter 2021 Market Perspectives

The second quarter was a complicated period for both the economy and the markets. In our Third Quarter Market Perspectives newsletter we take a quick look at the good & bad news, inflation, and our outlook.
Read our Market Perspectives Now
News
Jun 11, 2021

MarketWatch: Is inflation eating up all the interest you’re earning on 10-year Treasury notes?

In this MarketWatch article, Eddy Vataru, CIO-Total Return, discusses his thoughts on inflation.
Learn More
Blog
Jun 3, 2021

Electric Vehicles Have Shifted into High Gear, and One EV Stock Is Well-Positioned to Capitalize

After idling for decades, electric vehicles (EVs) are finally ready to charge ahead. Changes in the regulatory landscape, decreasing costs, and a substantially wider range of buying options have transformed the industry and created a powerful secular growth trend. One little known electronics supplier, Aptiv PLC, is particularly well-positioned to take advantage of the opportunity.
Keep Reading
Blog
Jun 3, 2021

Inflation in 2021: Why It Could Be Different This Time

Inflation has been top of mind for investors throughout 2021. The question going forward is whether recent price increases will be transitory or persistent. In our view, the risk of sustained inflation is higher now than at any point in recent memory.
Keep Reading
Blog
Mar 31, 2021

Price Makers, Share Gainers, and Compounding Machines: Three Quality Business Models

Defining a quality business is easier said than done. We have found that the highest quality businesses either consistently exercise pricing power while maintaining market share or consistently grow market share by undercutting incumbents. A choice few companies we call “compounding machines” can both raise price and increase market share.
Keep Reading
Blog
Dec 28, 2020

Back to (the New) Normal: Five Secular Growth Trends for 2021

The coronavirus pandemic is a once-in-a-lifetime event that transformed society and the economy almost overnight. We believe some of the most significant changes are likely here to stay, and we are focusing our investments on the secular growth trends we expect to strengthen as life returns to normal.
Keep Reading
Blog
Dec 7, 2020

The Case for Waste: Finding Growth in Garbage

Although investors don’t normally think about trash when they’re looking for growth stocks, we believe the solid waste industry is well-positioned to outperform. In our view, the combination of high barriers to entry, stable demand, and opportunities for consolidation should provide reliable revenue growth for the foreseeable future.
Keep Reading
Blog
Sep 23, 2020

Catching the Wave: Why Secular Growth Matters

In our view, the specific market dynamics that influence a company's sales growth prospects have a greater impact on equity returns than the overall direction of the economy.
Keep Reading
Blog
Aug 14, 2020

A Bright Future for Renewables: Lower Costs and Rising Demand

Following decades of investment and cost reduction, electricity from renewable energy should be cheaper than most existing fossil- and nuclear-fueled electricity within the next three-to-five years. We believe selectively investing in operators with scale and cost advantages in this sector should be rewarding given the increasing demand for clean energy.
Keep Reading
Blog
Jul 8, 2020

Steepening the (Adoption) Curve: Covid-19 and Digital Transformation

In the era of social distancing, technology has become even more integrated into our personal and professional lives. We believe this trend will persist even after the pandemic passes, and we expect it will particularly benefit firms that support remote working arrangements and eCommerce, two areas where we anticipate accelerating adoption and sustained growth.
Keep Reading