Extremely disappointing economic news released over the past several weeks has induced increased investment negativity, growing fears of a double dip U.S. economic recession and stepped-up concerns that the American monetary and fiscal authorities cannot neutralize the debilitating effects of the 2008-2009 downturn. Despite this economic pessimism, second quarter corporate earnings results have generally exceeded investor expectations. In consequence, we believe that the current stock market turmoil is providing attractive investment opportunities such that well-timed and selective stock purchases will offer excellent returns over the next 12-18 months.
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