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William A.
Harris, CFA earned his undergraduate degree, with honors, from
Stanford University, including study at Oxford University. He
received his Masters of Science in Financial Analysis (MSFA) from
Portland State University. He has completed the Chartered Financial
Analyst program and earned the CFA designation, a
globally-recognized standard for measuring the competence and
integrity of investment professionals.
In his letter
from earlier this month, Allen Trust Company’s Chief Investment
Officer William A. Harris reviews a turbulent year made all the
stranger by the S&P 500’s finishing precisely where it began.
Altogether, it was a year when bonds beat stocks, big beat small,
and here (USA) beat there (most everywhere else). “In all, we
enter 2012 expecting that volatility won’t retreat this year either,
and that short-term thinking by others will enable us to secure
long-term opportunity for your portfolios.”
“As if 2011’s
market volatility hasn’t been enough, 2012 promises to be a year
where political and government policy headlines will continue to
whipsaw investors…” In this month’s letter, Allen Trust
Company’s Chief Investment Officer William A. Harris previews a year
of electioneering, Federal Reserve creativity, and tax policy debate
at home, and of identity crisis in Europe, dual bubbles deflating in
China, and as ever, rockiness in the Middle East. What’s more, Bill
answers the question, “So what’s an investor to do?”
For the better
part of two years now, the euro currency zone’s efforts to hold
itself together have resembled nothing so much as a Whack-a-Mole on
an epic scale, and Europe’s leaders have squandered time in a
frantic series of ad hoc reactions rather than pursuing consistent
long-view strategy. In this month’s letter, Allen Trust
Company’s Chief Investment Officer William A. Harris discusses these
challenges in light of stock market volatility which swings fast
between gloom and hope, and credit markets which send a steady
signal that the Continent hasn’t fixed its problems.
This month, Allen
Trust Company's Chief Investment Officer William A. Harris reviews a
Third Quarter that brought market scares aplenty and left a witches’
brew of global challenges still on the boil. The good thing is that
Allen Trust Company was neither blindsided nor left stunned, and
indeed found treats as well as tricks in the volatility: “Portfolio
improvement is, for us, an incremental and ongoing process, and
altogether the Third Quarter helped us accelerate rebalancing and
deploy cash we’d been keeping in harbor for just such an
environment.”
In this month’s
Investment Update, Allen Trust Company’s Chief Investment Officer
William A. Harris discusses reasons for the market’s recent
volatility and what current valuations mean for opportunity going
forward: “We are again starting to find stocks which we think will
profit nicely to the far horizon, and no matter their price behavior
in the interim, which we think can keep paying us better in
dividends than any Treasury will pay us in interest at today’s
paltry rates.”
In this month’s
Update, Allen Trust Company’s CEO, Stuart B. Allen, chimes in with a
few beacon’s of light in the business haze of summer.
In this month’s
Investment Update, Allen Trust Company’s Chief Investment Officer
William A. Harris checks in on the US housing market. He admits a
glimmer of optimism that may surprise you. While a return to
the last decade’s bubble valuations won’t happen anytime soon, home
ownership achieved at current prices and financed at current rates
is broadly attractive… so long as one keeps the perspective that
owning a home is foremost about having a place to live, and not
about making a quick buck.
In this month’s
Investment Update, Allen Trust Company's Chief Investment Officer Bill Harris finds
parallels between whitewater kayaking and investing in today’s
markets. Of course, our investment discipline isn’t about
thrills and risking all to win all. It’s about getting to where we
want to go while knowing that we may get wet, and we may get knocked
about, but we’ll arrive downstream intact.
This month, Allen
Trust Company’s Chief Investment Officer William A Harris reflects
on tranquility in the stock market despite a far-from-tranquil
world. No market can remain forever calm, however. It’s important to
ponder an eventual return of volatility, he counsels, and yet also
to take heart that volatility isn’t necessarily the same thing as
risk.
In this month's
newsletter penned earlier this month, Allen Trust Company's Chief
Investment Officer William A. Harris discusses the need to see
through both hope and hype (as well as fear and frenzy) and to stick
to a long-term investment discipline using reality-based
fundamentals.
In this month’s
newsletter, Allen Trust Company's Chief Investment Officer Bill
Harris summarizes our investment outlook and outlines the strategic
discipline we’re pursuing in 2011.
In this month’s
newsletter, Allen Trust Company’s Chief Investment Officer Bill
Harris looks back at 2010, looks ahead to 2011, and discusses the
factors that matter for the markets.
Read more Investment Update
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