When we entered the business in 1990, our grandmother mailed us a decades-old clipping from a Minneapolis newspaper featuring a columnist’s cryptic take on a hand-rendered chart. He coyly claimed to have found it in “an old desk”—and it wasn’t until the internet age that we’d learn of its unattributed source.
Gains will likely be modest, and secondary stocks could finish the year flat-to-down. The year will likely be marred by a moderate to severe mid-year correction, and Small Caps could easily suffer a 20% hit during that swoon.
Thermal pollution time again: Steve’s 1999 predictions for the economy and his market outlook, including a look back at last year’s forecasts.
Each February, this publication, sometimes with help from our readers, constructs a series of "Fearless Forecasts".
In early 1991, a continuing survey of client stock market attitudes was initiated (41 polls have been taken to date).
Recognizing the obvious client interest in the market views of other professionals, we are initiating “Polling the Pros”. Whenever we have a significant number of investment professionals gathered together, we will ask their stock market opinion via a ballot. So now when you ask us what Leuthold clients think of the market we will no longer have to wing it.
This publication often employs a question and answer format, providing answers to the questions being asked most frequently by institutional clients.
Back On The Road.....
We are seeing clients In six cities during March. Scott Archer, Chuck Zender and myself will be In Denver, Portland and Seattle on March 13th, 14th, and 15th, visiting clients and hosting Leuthold Group luncheons.
This issue includes some New Year's traditions. First, our economic and market outlook for the New Year.
Another New Year has arrived.
Each year, along about February, this publication makes a series of "Fearless Forecasts". Readers should not confuse these forecasts with the more traditional economic and market predictions that appeared in last month's issue. Still, in the past, the "Fearless Forecasts" have, at times, been closer to the mark than the conventional predictions.
In this business, it is often best to conveniently forget what was said in the past.
HAPPY NEW YEAR
Another New Year has arrived. Again tradition must be honored. Black-eyed peas have been consumed. The Big Ten representative has once again been trounced in the Rose Bowl. The champagne of New Year's Eve has again been driven from the body by the Bloody Marys of New Year's Day. Red Wolfe and friends again blew the roof off the Leuthold joint at the world's longest New Year's Day Brunch (twelve hours long this year, up from ten hours a year ago).