Investors today probably feel a bit like the joker and the thief from Dylan’s classic, “All Along the Watchtower” – there’s too much confusion, they can’t get no relief. But our Core Equity team believes there is a way outta here – investing in dominant companies that pay growing dividends.

Generating investment income is challenging, especially in the low-yield environment we have been living with for the past decade.

Equity markets have struggled so far in 2022, but in our view the declines are largely due to “The Great Normalization” – the unwinding of the Covid economy that was defined by excess liquidity, unusually high demand, and extremely low interest rates.

In our latest outlook we examine the long-term implications of the pandemic, particularly changes to the labor market and the supply chain, and we discuss why we will be focusing on companies with pricing power in 2022.

Concerns about inflation and a looming Fed taper weighed on markets during the third quarter, but in our view the post-pandemic economy is well-positioned for extended cycle of capital investment, providing the impetus for broadening economic growth and job creation.

Equities continued to rally in the second quarter, but the market remains undecided about whether the recent uptick in inflation is more likely to be transitory or persistent.

Despite a volatile first quarter, economic fundamentals appear to be improving. We are constructive on the equity market in the near-to-medium term, but we are closely monitoring inflation and interest rates.

Several pundits have raised the possibility that the current Covid-recession will be followed by a boom reminiscent of the Roaring '20s. Although we think that may be a tad too optimistic, we think the recovery will continue and feel “real economy” stocks could fare particularly well.

Despite ongoing weakness in the economy, stocks continued to rally in the third quarter. At first glance it seems perplexing, but a deeper analysis reveals that the market drivers are both rational and sustainable. In our view, the pandemic has created profound shifts in demand that have generated strong tailwinds for a wide range of firms.

Thus far the market has shrugged off the recent rise in Covid cases, but the situation remains fluid. In our view, the best strategy is to invest in companies that are able to grow during this time of stress, either organically or by increasing market share as weaker competitors fall by the wayside.

Rarely has market performance and sentiment changed so quickly than what has been observed in the first quarter of 2020. The start of the year was promising, with the S&P 500 climbing above 5% through the middle of February...