Steve Chiavarone

Vice President & Portfolio Manager at Federated Hermes
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  • The market right now is treating this like a hurricane, where you know there will be an economic impact but you tend to discount any hit to the data because you know there will be some catch up. But here’s what’s dangerous about that approach: the sample size is zero for shutdowns this long.

    25 January 2019
  • What the market was pricing in was a recession. That's not going to happen, and so those cyclical parts of the market, those risk on parts of the market, have a recovery coming.

    13 January 2019
  • We don’t have any of the early signs of recession. Yet, we have a market where despite 20 percent earnings growth, the P/Es have fallen 20 percent. What that tells us is the market is pricing in recession in 2019. We just don’t think that is going to happen.

    16 December 2018
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