Kayne Anderson Rudnick Q3 Market Review
Doug Foreman, chief investment officer of Kayne Anderson Rudnick, believes that the stock market pullback of the third quarter will prove to be a painful correction similar to that which occurred in 2011 rather than the beginning of a global crisis like was experienced in 2007.
What was behind the pullback? Greece’s ongoing debt woes, falling energy prices, China’s currency devaluation, and U.S. interest rate uncertainty. What will it take to restore investor confidence over the next 12-to-18 months? China’s growth rates need to stabilize, energy prices have to stop dropping, the U.S. dollar needs to stop appreciating materially, and S&P 500 profits must continue to grow.
For more information, read the full Q3 commentary.