Tax-efficient investing is rarely a topic of cocktail party conversations. In fact, many clients come to us with complex money management plans that pay little or no attention to the issue of tax liability.
The Dow Jones Industrial Average and S&P 500 hit new records during the first quarter, but the rally stalled in late March over concerns about the impact of a stronger dollar on profits of big, U.S.-based multinational firms.
As in recent years, we believe stocks will continue to outperform bonds and cash. Money market rates and bond yields bouncing along at all-time lows will serve as wind to the sails, and the subdued global recovery will keep rates low.