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Cresset refers to Cresset Capital Management, CP Parent, LLC, and all of their respective subsidiaries and affiliates. Cresset Asset Management, LLC, also conducting advisory business under the names of Cresset Sports & Entertainment and CH Investment Partners, provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC, provides investment advisory services strictly to investment vehicles investing in private equity, real estate, and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC, are SEC registered investment advisors.
Macro Strategy Chartbook May 2018
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Valuation is presenting a mixed picture: equities appear cheap relative to current earnings projections, but expensive longer term. Higher interest rates represent a headwind for stocks.
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US economic growth is solid, although foreign economies are falling short of analysts’ projections. Incentives in the new tax bill will encourage domestic growth at the expense of our trading partners.
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Liquidity, while positive, is under pressure owing to increases in stock and bond market volatility as well as yen strength. The availability of credit, however, remains robust. Credit spreads are narrow but have widened in recent weeks.
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Investors, reacting to global uncertainties and recent volatility, have downgraded their outlooks from bullish to neutral in recent weeks. This is in stark contrast to the overwhelming bullishness they exhibited at the beginning of the year.
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Technical conditions deteriorated in the downturn but remain positive both at home and abroad. The S&P 500 bounced off its 200-day moving average twice over the last two months and rebounded.
About Cresset
Cresset is an independent, award-winning multi-family office and private investment firm with more than $60 billion in assets under management (as of 11/01/2024). Cresset serves the unique needs of entrepreneurs, CEO founders, wealth creators, executives, and partners, as well as high-net-worth and multi-generational families. Our goal is to deliver a new paradigm for wealth management, giving you time to pursue what matters to you most.