The Sustainable Investor: In Pursuit of an Enlightened Investment Portfolio
Third Quarter Market Commentary -- Chaos at Quarter's End
October 01, 2013
We are again fortunate to report that while the third quarter was a volatile one, stocks ended higher than where they started. Overseas shares did better than domestic ones for the first time in quite awhile. And while emerging market stocks were as usual, the most volatile, they too ended the quarter with better returns than the S&P500. The diversification that we have implemented in client accounts is now not only a risk management exercise, it is also adding to returns. Over the long term, availing ourselves of a broader range of opportunities should pay financial dividends. Bonds, meanwhile, have had...Read Full Article...
First Quarter Review and Outlook
April 21, 2013
U.S. stocks posted robust gains in the first quarter, with large caps returning 11 percent, beating both developed international (+4%) and emerging markets stocks (-4%). Bonds were lackluster, posting flat total returns as modest coupon interest was offest by a small increase in market interest rates (causing a drop in values). In 2012 and early 2013, an accommodative Federal Reserve combined with an improving U.S. economy to push domestic shares higher. While unemployment is falling only slowly, construction fundamentals have rebounded sharply. Home prices have been rising, and corporate earnings and profitability are near record highs. This was a good recipe for stocks, but caused a little consternation...Read Full Article...
Dow 14000: The Wall of Worry Has Been Climbed
February 01, 2013
The old adage is that the market must "climb a wall of worry" was surely appropriate in this cycle. All the way from the market's lows in 2009, investor worries over economic challenges persisted. Domestic and foreign economies gave investors plenty to worry about. But despite these worries, the markets defied them with a choppy climb to a five year high. There is another saying that may even trump the first one: "Don't fight the Fed." When economic conditions are weak, the Federal Reserve makes money easier to come by. For banks, that is. Not necessarily for the average borrower. Cheap money has shown up, of course, in zero percent money market funds, miniscule...Read Full Article...
A New Year, New Taxes and New Challenges
January 22, 2013
After a robust year when both stocks and bonds around the world posted gains, investors are left to ponder the outlook for continued appreciation. We offer a few comments and observations. Cheap money forced some tough choices. Income-oriented investors were forced to make tough calls in 2012. With US Treasury note yields approaching zero, investors found their way to high yield bonds and dividend paying equities, increasing their risk to maintain their income stream. They were rewarded with income and appreciation in most cases, but with credit spreads far lower than their historical average, bond investors are extending risk beyond what they...Read Full Article...
Third Quarter 2012 Review
October 06, 2012
The Third Quarter of 2012 saw a generally robust rebound in equity markets around the world. Easing concerns over the future of the euro currency helped European markets surge by more than 8%, emerging markets jumped by 6% and the S&P500 by more than 5%. Bond returns were modestly positive, generated largely by modest coupon income. Municipals yields declined versus US Treasury notes (and thus helping the bonds appreciating slightly in value), adding slightly to muni returns. Given that the source of new found optimism centered on Europe, it is perhaps not surprising that the hardest hit equity market sector, financials,...Read Full Article...
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- Third Quarter 2012 Review 10.06.12 Read...
- A New Year, New Taxes and New Challenges 01.22.13 Read...
- Dow 14000: The Wall of Worry Has Been Climbed 02.01.13 Read...
- First Quarter Review and Outlook 04.21.13 Read...
- Third Quarter Market Commentary -- Chaos at Quarter's End 10.01.13 Read...
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