| Our investment approach begins by identifying which of the five phases
the U.S. economy is in (ACCELERATE, EASEOFF, PLUNGE, REVIVAL 1 and REVIVAL2).The
graphic to the right shows why this is so important. This graphic shows
the average annual returns from 1980 for the S&P 500 index (stocks)and
the Lehman Government / Corporate index (bonds) as well as the average
time each phase has lasted in months. Note how much the annual returns
for these two asset classes fluctuate in each phase. The current phase
is highlightedfor you. Click on each phase to learn more about each. The
current phase also includes a list of industry groups that have historically
outperformed the S&P 500 index during that phase. |
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