Tony leads our Investment Team and its macro-economic and portfolio construction decisions. An important responsibility and a distinctive core competency of our team is the active management of our clients’ asset allocations from a global perspective. Tony, who’s been quoted in The Wall Street Journal, brings more than 30 years of worldwide experience to this process, having previously led two large institutional investment management teams. In these capacities, he oversaw the global management of multi-billion dollar portfolios applying investment processes similar to those at Hamilton Capital Management.
With the S&P 500 NTM P/E ratio at multi-year highs, we feel that it is legitimate to be concerned about the disconnect between a strong S&P 500 and weak fundamentals, such as earnings. Investors seem to be riding ‘on a wing and a prayer,’ trading on high-level themes. With an expected sizable bump in earnings over the rest of the year, boosted by the large fiscal stimulus recently enacted by Congress and the gradual reopening of businesses, stocks are still quite expensive relative to earnings out to 2021. The market seems to be discounting a ‘return-to-before,’ and we believe that macroeconomic and earnings conditions we observed back in January and February won’t be regained for some time.2 May 2021