Page 5 - ISQ UK_October 2017

JANUARY 2022

Look Below the Surface tumble on the slippery slope. We favour the mindset of Mikaela Shif-
for Opportunities frin, who is seeking to become the most decorated alpine skier in
American history: “When I am in the starting gate, it’s just me and the
For sheer thrills, 2021 will be hard to beat! Between a blistering start hill.” There will always be the distraction of the crowd, but when
to the equity bull market, healthy commodity gains, historically low you’re racing toward your investment goals, stick to your game plan
interest rates, and the second smallest intra-year pullback since and listen to coaching from your trusted advisor. And we hope that
2000, it is no wonder our forecasts don’t have investors hanging on our views serve as a reliable, integral part of your plan, and that your
the edge of their seat. We can identify with curling players who portfolio reaches the top of the podium.
barely get a blink of TV time compared to the skaters and skiers. Yet,
under the surface, curling is so tactical and complex it’s sometimes Again, we wish you all the best for a wonderful 2022!
called chess on ice. Similarly, there’s a lot going on below the sur-
face, and there are plenty of opportunities to add value to a
portfolio. The news headlines will still come sweeping in — COVID
variants, Fed and BoE tightening, mid-term elections in the US, geo-
politics — adding more or less friction to the markets. For this
reason, active management and selectivity are prudent to avoid an
investment year with a blank end (no team scores any points). Lawrence V. Adam, III, CFA®, CIMA®, CFP®
Chief Investment Officer
No Resting on Laurels as the New Year Begins

Like the start of any big race, embarking on 2022 is both exciting and
daunting. We hope the resilient economy and record bull market
will proudly carry the torch into 2022, but there’s always the fear of a

Investment Strategy Committee Members

Lawrence V. Adam, III, CFA, CIMA®, CFP® – Committee President, Nicholas Lacy, CFA Chief Portfolio Strategist, Asset Management Services
Chief Investment Officer, Private Client Group
Joey Madere, CFA Senior Portfolio Analyst, Equity Portfolio & Technical Strategy
Chris Bailey European Strategist, Raymond James Investment Services Ltd.*
Ed Mills Managing Director, Washington Policy Analyst, Equity Research
Scott J. Brown, PhD Chief Economist, Raymond James
James C. Camp, CFA Managing Director, Strategic Income, Pavel Molchanov Director, Energy Analyst, Equity Research
Eagle Asset Management*
Doug Drabik Managing Director, Fixed Income Research Chief Investment Office
J. Michael Gibbs Managing Director, Equity Portfolio & Technical Strategy Anne B. Platt, AWMA®, AIF®, RICP® – Committee Chair, Vice President,
Investment Strategy
Nick Goetze Managing Director, Fixed Income Solutions
Giampiero Fuentes Investment Strategy Manager, Investment Strategy
Tracey Manzi, CFA Senior Investment Strategist, Investment Strategy
Kailey Bodine Investment Strategy Analyst, Investment Strategy

*An affiliate of Raymond James & Associates, Inc., and Raymond James Financial Services, Inc.
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