John Micklitsch, CFA, CAIA started with Ancora in 2006 and is Ancora’s Chief Investment Officer. In addition to his Chief Investment Officer responsibilities, John manages global, multi-asset class separate accounts for the firm’s high net worth and institutional clients. John began his money management career in 1996 at the firm of Robert E. Torray & Company Inc. where he was an analyst and head trader on the firm’s $5 billion large cap value strategy. In 2003, he joined Fifth Third Asset Management, where he researched and managed small and micro cap investments for the firm’s mutual funds and individual accounts.
Most investors seek to earn at least a real rate of return on their savings. By ‘real,’ we mean a return in excess of inflation. In a sense, inflation therefore becomes the return hurdle that forces investors to take risk, be it in the fixed income market or, more commonly, through the equity market. The cumulative ‘real return’ earned over one’s lifetime is what eventually pays for the things we cannot necessarily afford today such as retiring, college educations, weddings, etc. Therefore, higher inflation makes obtaining future financial goals potentially more difficult.11 October 2021