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Newsletter | CoreStates Capital Advisors



When “Protect & Preserve” becomes “Preserve to Survive”

CoreStates’ Investment Management Process

The foundation of CoreStates’ investment management process is broad diversification – among the multitude of financial and real assets from domestic and foreign issuers, each of which may be owned on a long or a short basis, and managed with traditional or alternative investment strategies.

But, broad diversification is just the beginning. We follow that with effective portfolio construction – setting target allocations among the many asset classes and investment styles that, based their history and reasonable expectations for the future, should temper investment risk and thereby protect our clients’ current lifestyles.

After the target allocations are established, we implement them with prudent asset selection – seeking stocks, bonds, other financial and “hard” assets, as well as managed accounts, that accurately represent their asset class or style and More >

Newsletter 2nd Quarter 2009

MONDAY, JULY 6, 2009

 CoreStates 2009 Q2 Review & Outlook

The April through June period saw stocks continue their bounce from early-March lows. By quarter’s end, the advance had begun to falter, but not before adding another 12% of gains for the Dow Industrials, cutting their year-to-date decline to about -2%. International developed economies saw their markets advance some 15% (MSCI EAFE) and reach a year-to-date positive return of about 3%.

Encouraging as these numbers are, even they don’t fully represent the resurgence of investor enthusiasm as the quarter’s economic measures began to indicate a moderation in the rate of national and worldwide economic decline. This growing perception led to sharp rebounds in the more speculative areas of the markets, with small capitalization US stocks (Russell 2000) advancing nearly 21% and reaching positive territory for the year. The NASDAQ gained 20%, bringing its

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Newsletter 2009 Observations

2009 Observations

January 2 2009

Much (probably too much) has been and will be written about the many economic challenges currently facing our nation and the world, the probable responses of our government and the world to these challenges, and the possible effects both may have on investors.  I have nothing to add regarding the specifics of these challenges.  But, I do see several issues that are both likely to have a major influence on our financial fortunes in 2009 and beyond, and that have been at best under-acknowledged to date.

In the weeks and months ahead, I will be monitoring these and other issues and sharing my perspectives on them.  If you would like to follow these musings and possibly add your thoughts thereon, simply sign on below.  You can unsubscribe at any time, and we will not bother you with More >

Newsletter Second Quarter ’08

2008: CoreStates Second Quarter Commentary

The Economy: Many people believe that the US economy has entered a recession. The technical measurement of a recession is two consecutive quarters of the Gross Domestic Product showing negative numbers. A recession has not been indicated by this measurement. However, we have experienced three consecutive months of negative net job growth, the dollar continues its decline while commodities, food and fuel prices continue their upward spiral. What does this mean in terms of a recession? While consumers are forced to put more dollars into food and fuel, one must ask, what other elements of their spending patterns will suffer and how will this affect the economy?

The once robust housing market remains stagnant. Credit and liquidity problems continue their drag on the domestic stock markets. Corporate earnings for the first two quarters of 2008, by most measures, have been More >

Newsletter Third Quarter ’08

Third Quarter 2008 Commentary

The Economy As the third quarter began, it looked like ‘more of the same’ – gradually slowing growth, rising costs for businesses and individuals, and the complex but apparently manageable unwinding of the nation’s multi-year debt binge and resulting housing-related boom/bust.  This view proved to be largely accurate through June and into July as energy and commodity prices peaked and key measures indicated meaningful economic slowing. But, by mid-July, it was becoming evident that the nation’s and world’s financial system ills were much more serious than initially perceived.  Fannie and Freddie, the government-sponsored entities created to expand home ownership, were declared essentially bankrupt and the government’s implicit guarantee of their paper was made explicit.  Merrill Lynch was folded into Bank of America, Lehman Brothers entered liquidation, and AIG was effectively nationalized.

In spite of all these truly unprecedented actions, by More >

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