HITR Flash 2018 Q4

   All data for the period ended December 31, 2018 unless otherwise noted. _________________________________________________________________________________________ "It’s Complicated” ― from the Latin verb complicāre, meaning "to fold together."   What a difference a quarter makes! Last report we noted “continued expansion of global economic growth and strong corporate results, particularly in the US, boosted global equities.”  In that same report, after examining the possible pro and cons facing the market we concluded, “risk of a US recession in the near-term … [Read more...]

Micro Cap Flash 2018 Q4

“Out of adversity comes opportunity” -Benjamin Franklin Summary for 2018 Q4 – Small Business Conditions Remain Strong For the year-to-date period ended December 31, 2018, the preliminary estimated investment results for the Uniplan micro cap portfolio are as follows:   MTD QTD YTD Uniplan Micro Gross -10.82% -21.61% -14.08% Uniplan Micro Net -11.02% -22.11% -15.88% Russell Micro -12.05% -22.14% -13.09% Wilshire Micro -12.25% -22.13% -14.96%   Micro cap … [Read more...]

REIT 2019 Outlook – Shelter from the Rotational Storms

REIT 2019 Outlook - Shelter from the Rotational Storms   Solid Operations Supports Steady Earnings and Dividend Growth Prospects   EXECUTIVE SUMMARY  2019 Return Expectations – We think REITs will generate 5-7% total returns in 2019, with about half coming from a growing cash dividend yield of 4%. REITs are on track to generate low single digit total returns over 2018, a little below our forecast of 6-8% a year ago, as valuations have contracted more than we anticipated. In 2019, we believe REITs will produce earnings growth of 5-7%, pay a 4% cash dividend and that the earnings multiple … [Read more...]

Micro Cap Flash 2018 Q3

“May you live in interesting times” -Chinese Curse A “China Resistant” Portfolio The mid-term elections are over, and the dust is settling on the new political environment going forward. With control of Congress now divided, legislative gridlock seems near certain; and gridlock is generally good for stocks. The issues that will continue to overhang the market are interest rates and foreign trade. The answer on interest rates is simple—they are going up. The question is how much and how fast? This is something that can be monitored in real time and if rates are rising modestly as the result … [Read more...]

HITR Flash 2018 Q3

“The Stock Market is designed to transfer money from the Active to the Patient.” Warren Buffet   Continued expansion of global economic growth and strong corporate results, particularly in the US, boosted global equities. Tax cuts continued to support corporate profits, but ongoing Federal Reserve interest rate hikes and US-China trade tension have been problematic for value equities.  A mixed global economic environment and stronger dollar proved less favorable for commodities and non-US equities. With the Fed tightening monetary policy, global dollar liquidity has begun to recede. … [Read more...]