This may or may not come as a shock, but for the forseeable future folks, we are "oficially" in a low return environment:
Low economic growth, low revenue growth, low earnings growth, low commodity prices, low wage growth, low inflation and low interest rates = low returns.
So we have added this to our list of Themes for 2015.
Almost every chart that I popped up on yesterdays webinar had a "down" arrow for the recent direction of that particular price or economic statistic.
And there were many more.
As I have said often enough, recently, we have had multiple years of above average returns and this next part of the cycle is inevitable as we move back to the average.
What investors need to guard against is taking on greater risk in order to attempt to continue to get better returns.
If you have a plan and strategy, stick with it.
Ensure that your asset allocation is balanced and / or re-balanced and sit tight.
If you have new cash to add, be patient.
Scott Tomenson,CIM Managing Partner, Chief Investment Strategist