Tower Bridge Advisors Annual Spring Investment Forum – 2023

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The Next Recession?

Recession fears are of major concern. While the economy may struggle in the coming year, it has a fighting chance of not suffering an outright downturn.

Hear what our speaker has to say about what lies ahead.

THURSDAY, JUNE 15, 2023

Merion Cricket Club
325 Montgomery Avenue, Haverford, PA 19041

6:00 p.m. to 6:30 p.m. – Cocktails and Hors d’oeuvres
6:30 p.m. to 7:30 p.m. – Speaker Presentation
7:30 p.m. to 8:30 p.m. – Coffee, Dessert and Social Time with Speaker and Guests

You won’t want to miss this informative session!

For additional information please contact Nick Filippo at 610-260-2222 or nfilippo@towerbridgeadvisors.com.

If you have not already registered, simply complete the form below. We look forward to having you at the event!

Kindly respond on or before June 8, 2023. Feel free to bring a guest.

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DR. MARK ZANDI
Chief Economist of Moody's Analytics

Our special guest speaker will be Dr. Mark Zandi, Chief Economist of Moody's Analytics. Dr. Zandi will provide his perspective on the current economic outlook.

Dr. Mark Zandi is Chief Economist of Moody’s Analytics. A trusted adviser to policymakers and an influential source of economic analysis, Dr. Zandi frequently testifies before Congress regarding the nation’s economic outlook. Dr. Zandi conducts regular briefings on the economy for corporate boards, trade associations and policymakers at all levels. He is often quoted in national and global publications and interviewed by major news media outlets, and is a frequent guest on CNBC, NPR, Meet the Press, CNN, and various other national networks and news programs. Dr Zandi is the author of Paying the Price: Ending the Great Recession and Beginning a New American Century, which provides an assessment of the monetary and fiscal policy response to the Great Recession.

Dr. Zandi earned his BS from the Wharton School at the University of Pennsylvania and his PhD from the University of Pennsylvania.

November 11, 2024 – Markets are celebrating a Trump victory. Voters enthusiastically embraced more economic freedom and less regulation. Tariffs and deportations are headwinds depending on the pace of both. Right now, markets are ignoring the risks and probably will continue to do so through year end. History shows that initial post-election euphoria doesn’t always translate into cloud-free reality. The best tactic for now is to maintain one’s asset allocation keeping an eye on how implementation of Trump’s agenda matches today’s optimism.

Prior to the Presidential election 23 Nobel Laureates for Economics collectively stated that Trump’s economic agenda would be bad for the economy. Obviously, markets since the election have disagreed. Today, I want to divide my note into three segments; what was the message of the election, what has been the message of the market so … The post November 11, 2024 – Markets are celebrating a Trump victory. Voters enthusiastically embraced more economic freedom and less regulation. Tariffs and deportations are headwinds depending on the pace of both. Right now, markets are ignoring the risks and probably will continue to… [More...]

November 6, 2024 – With Donald Trump winning a close election, markets are reacting quickly. Are they overreacting? Are we entering a golden age for equity investors? We offer our comments below. Simplistically, markets like higher earnings and lower cost of capital. Less regulation feeds entrepreneurial juices. The obvious was partially discounted going into election night. Overnight futures suggest a strong follow through. But the devil is always in the details. Some campaign promises might be executed; others might not. Read on.

To start, the message from both financial markets and the public was clear. As we note repeatedly, financial markets have no emotion. They care about earnings, interest rates and the terminal value of a stream of future cash flows. They don’t care about all the emotional stuff we have been dealing with over the past … The post November 6, 2024 – With Donald Trump winning a close election, markets are reacting quickly. Are they overreacting? Are we entering a golden age for equity investors? We offer our comments below. Simplistically, markets like higher earnings and lower cost of capital.… [More...]

November 4, 2024 – The election is tomorrow. By the end of the day today, probably half or more of voters will have already cast their ballots. But the real determinant of markets over the next year will be actions taken by the Federal Reserve. They may be the headwinds to inflationary pressures created, should the next President pursue only a fraction of his or her campaign promises. Growth may be forthcoming but so might higher long-term interest rates.

We’re finally at the moment of truth, the Presidential election. For those of us in Pennsylvania it will also mark the end of the endless barrage of distorted ads that by now have no chance of changing anyone’s mind. By Friday evening over 71 million Americans had already voted. By the end of today, half … The post November 4, 2024 – The election is tomorrow. By the end of the day today, probably half or more of voters will have already cast their ballots. But the real determinant of markets over the next year will be actions taken by… [More...]

October 31, 2024 – During this season of Halloween, it seems appropriate that we have been experiencing a Jekyll and Hyde economy and stock market this year. The consumer has been resilient while the industrial economy has been relatively weak. The Federal Reserve began lowering interest rates in September, though mortgage rates and home prices have been moving higher. We had a 10% stock market correction scare in October, but third quarter market returns were generally positive. Bumps in the night are normal in markets, and economic growth scares are typical. So far earnings have been mixed, but markets have been trending higher going into the election.

The Strange Case of Jekyll and Hyde Most are familiar with the novel by the Scottish writer Robert Louis Stevenson, “The Strange Case of Dr. Jekyll and Mr. Hyde.” Dr. Jekyll and Mr. Hyde are two alter egos of the same character, exhibiting wildly contradictory behavior. It seems like we have been experiencing a Jekyll … The post October 31, 2024 – During this season of Halloween, it seems appropriate that we have been experiencing a Jekyll and Hyde economy and stock market this year. The consumer has been resilient while the industrial economy has been relatively weak. The Federal… [More...]

October 24, 2024 – While the “Magnificent 7” tech companies are expected to drive significant earnings growth in the S&P 500, some lower-than-expected earnings surprises and downward revisions in certain sectors have led to a modest projected growth of 3.4% for Q3 2024. Despite this, positive long-term earnings forecasts and current market highs suggest investor confidence. Yet, concerns remain about the potential for low future returns, especially considering rising interest rates and the ballooning national debt. Ultimately, navigating this market environment requires prudent investment strategies that acknowledge these risks and the potential for a “Minsky moment” triggered by a loss of investor confidence in U.S. debt.

Earnings season prelude The “Magnificent 7” – a group of dominant tech companies – have been major drivers of S&P 500 earnings growth in recent times. Once again, they are predicted to deliver the lion’s share of earnings with an average of 18.1% earnings growth, but the remaining companies in the index are only expected … The post October 24, 2024 – While the “Magnificent 7” tech companies are expected to drive significant earnings growth in the S&P 500, some lower-than-expected earnings surprises and downward revisions in certain sectors have led to a modest projected growth of 3.4% for Q3… [More...]