Markets in Perspective: The Gannon Report

2012

05-01-2012  Can Stocks Avoid Another Bear in Spring?
Investors may be spooked by ominous economic headlines for a third consecutive spring, but we’re still seeing plenty of well-run small-caps with confident, capable management.

04-01-2012  The Great Equity Shrink: Effective Capital Allocation in Small-Caps
While many investors continue to shun smaller stocks, we've been watching small-cap companies make effective and intelligent capital allocation decisions.

03-01-2012  The Psychology of Earnings
Earnings are the signposts that allow us to either push the accelerator or tap on the brakes if we see a warning sign.

02-01-2012  Growth Through Acquisitions in Uncertain Times
We are continually struck by the way smaller companies continue to grow and operate in this ambiguous and anemic economic environment.

01-01-2012  Is One Man’s Index Another’s Benchmark?
Unlike a lot of investment managers, we do not manage against a particular index and instead think of ourselves as benchmark agnostic.

2011

12-01-2011  What Does Risk Mean in Today’s Market?
As we have always done during difficult periods, we are adding risk as the market is removing it by reducing valuations.

11-01-2011  What If the "What-ifs" Don't Pan Out?
As we have seen and heard in many third-quarter earnings reports, fundamentals are clearly better than the dire daily headlines.

10-01-2011  What's Important Now? As Always, Focusing on High-Quality Companies
We continue to believe that high-quality smaller companies are inexpensive and the source of great potential value.

09-01-2011  Staying the Course: Uncertainty Abounds, But Our Approach Remains Consistent
We continue to believe that inexpensive high-quality companies are under owned, especially within the small-cap space, so we are using the declines as an opportunity to refresh our portfolios.

08-01-2011  Why Quality May Shine as Volatility Increases
Current economic conditions are quite dynamic and so much more fluid than the daily headlines portend.

07-01-2011  2010 Redux? A Normalized Environment Can Create Positive Long-Term Returns
For some time now, we have espoused the view that we are in a more normalized market environment, where one should see positive longer-term returns for equities with normal corrections.

06-01-2011  Can Stocks Move Beyond Their Current Peaks?
Stocks began to shift direction in May. Is it a sign that investors are worried about the sustainability of share values?