Page 5 - ISQ Outlook 2023

INVESTMENT STRATEGY QUARTERLY

“ ... adapting to the times and working to discover
opportunities has usually proven more successful than

acting on fear or emotions. ”

some of the best opportunities may require moving in isolation opportunities has usually proven more successful than acting on
(contrarian). For example, REITs in the aggregate have sharply fear or emotions. Remember: Jurassic Park’s heroes don’t prevail
turned out of favour. But valuations are attractive, and for specific because they’re stronger or faster than the dinosaurs, but
industries within the sector (e.g., cell towers, healthcare facilities), because they’re smarter—and stick together. Just as the film’s
earnings should be less sensitive to the downturn. The Technology characters relied on one another in precarious situations, trust
sector should also not be cast aside, as the more diversified or mul- your financial advisor to guide you through the jungle. And we’ll
ti-faceted companies still display strong fundamentals. be here too, providing updated investment insights as we explore
this ever-changing investment landscape together.
Life, the Markets, And Investors Will Find a Way
The concept of evolution is the key to Jurassic Park. As one of the We wish you a safe, healthy, and prosperous 2023!
scientists' states, “Life finds a way.” Change isn’t easy; sometimes it
requires breaking through barriers and boundaries. Incessant
gloom-and-doom headlines may make investors feel as though
2023 will be a lost year for the economy and the markets. True, the
oncoming recession, like a charging T-Rex, isn’t in the rear-view Lawrence V. Adam, III, CFA, CIMA®, CFP®
mirror yet. Yet adapting to the times and working to discover Chief Investment Officer

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
Joey Madere, CFA Senior Portfolio Analyst, Equity Portfolio & Technical Strategy
Eugenio J. Alemán, PhD Chief Economist, Raymond James
Tracey Manzi, CFA Senior Investment Strategist, Investment Strategy
Jeremy Batstone-Carr European Strategist, Raymond James
Investment Services Ltd.* Ed Mills Managing Director, Washington Policy Analyst, Equity Research
James C. Camp, CFA Managing Director, Strategic Income, Pavel Molchanov Managing Director, Energy Analyst, Equity Research
Eagle Asset Management*
Doug Drabik Managing Director, Fixed Income Research Chief Investment Office
Giampiero Fuentes, CFP® Economist, Raymond James Anne B. Platt, AWMA®, AIF®, RICP® — Committee Chair, Vice President,
J. Michael Gibbs Managing Director, Equity Portfolio & Technical Strategy Investment Strategy
Nick Goetze Managing Director, Fixed Income Solutions Matthew Ziyadeh Investment Strategy Analyst, Investment Strategy
Lindsay Smith Investment Strategy Analyst, Investment Strategy

*An affiliate of Raymond James & Associates, Inc., and Raymond James Financial Services, Inc.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Investments & Wealth Institute (The Institute) is the owner of the certification marks “CIMA” and “Certified Investment Management Analyst.” Use of CIMA and/or Certified Investment
TM
Management Analyst signifies that the user has successfully completed The Institute’s initial and ongoing credentialing requirements for investment management professionals.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™ and federally registered CFP (with flame logo) in the US, which it awards
to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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