Cardinal Q3 Newsletter – Oct 2024
The Running of The Bull Market Expands Beyond “The Magnificent Seven” – IT’S NO LONGER ALL ABOUT APPLE, MICROSOFT, AMAZON, ALPHABET, TESLA, META, AND NVIDIA
The Bull Market in equities roared higher in the third quarter with just about every major market index finishing in positive territory. We’re not surprised because the combination of falling interest rates, and a growing economy tends to be very positive for stocks. We expect both trends to continue over the next year, which should keep the Bull Market charging.
Click here to read more: Cardinal Quarterly Newsletter – Oct 2024
DM Monthly Report – Oct 2024
“IT’S THE ECONOMY, STUPID” – Those words were famously delivered to his charges by James Carville, Bill Clinton’s campaign strategist, as the 1992 race for the White House entered its final days. A year earlier, George HW Bush had enjoyed a 90% approval rating amongst Americans following the US military’s successful reversal of Iraq’s incursion into Kuwait; but now the economy had dipped into recession and household focus was shifting to the pocketbook.
FEATURE STOCK – Fortinet Inc. (FTNT) – In late August, we funded a new position in FTNT by selling homebuilder, DR Horton Inc. (DHI), which had more than doubled since our original purchase three years ago.
Click here to read more: DM Monthly Report – Oct 2024
DM Portfolio Commentary – Q3 2024
Regime Change – In the final paragraph of our first quarter letter, we wrote:
‘In the next issue of this commentary, we could very well be talking about a quarterly decline for your equity allocation, and it may be more than just a speed bump. History and the well documented mistakes of others, however, tell us that our best course will be to stay put, regardless of how bleak things might seem in the moment or how tempted we are to try and outsmart the market.’
While the three months immediately following that report passed without incident, it looked like our warning might be coming to fruition halfway through Q3.
Click here to read more: DM Portfolio Commentary – Q3 2024
