Perspectives & Commentary

Avalon produces a variety of investment commentaries.

Our perspectives and quarterly commentary are issued throughout the year and cover a range of investment-related topics.

Global Commentary

Fourth Quarter, 2015

2015 was a difficult year for equities. Global equity markets were down 1.88% in US dollars. A few markets like Japan (+9.92%) and the US NASDAQ (+7.1%) performed reasonably well. Emerging markets did poorly, down 14.87% with the notable exception of China.


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Global Commentary

Second Quarter, 2015

U.S. equities were little changed in the second quarter, with the S&P 500 Index and the Russell 2000 returning 0.3% and 0.4%, respectively. For the first half, the S&P 500 returned only 1.2%. Even with its recent meager performance, this index returned 120% for the five years ending June 30. Within the S&P, only 5 of the 10 sectors posted positive returns in the quarter.


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Global Commentary

First Quarter, 2015

Despite being down in both January (-3%) and March (-1.5%), the S&P 500 was slightly positive for the quarter as a result of a nearly 6% total return during February.  After significant underperformance last year, small cap stocks did better than their large cap counterparts, with the Russell 2000 up 4.3%.


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Global Commentary

Fourth Quarter, 2014

U.S. equity markets continued to rise in the fourth quarter on increasing evidence of a strengthening economy, with the S&P 500 Index returning 4.9%.


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Global Commentary

Third Quarter, 2014

U.S. equities outperformed international equities in the third quarter, with the S&P 500 returning 1.13% and the MSCI All Country World Index ex U.S. losing 5%.


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Global Commentary

Second Quarter, 2014

US Equities continued to advance in the second quarter, with the S&P 500 returning 5.2% for the quarter and 7.1% for the first half. Energy was by far the best performing sector in the quarter, returning over 12%. Utilities and Technology stocks also performed well, while Financials and Consumer Discretionary stocks




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Avalon Perspectives

Avalon Market Update

October 12, 2018

Low-Balling Inflation Puts the Fed at Risk

September 28, 2017

TPP Is Dead. What Now?

January 25, 2017

The Possibilities of Trump's U.S.

December 9, 2016

Reversal Rates Are the Next Big Challenge for Central Banks

November 23, 2016

The Good Ole Days Aren't Coming Back

October 13, 2016

The Federal Reserve's Anti-Volcker Inflation Revolt

August 24, 2016

Why the Fed Needs to Raise its Inflation Target

August 18, 2016

Is the Rest of the World Ditching America to Trade with China?

August 3, 2016

Has the Federal Reserve Become Congress's Golden Goose?

July 20, 2016

The Fed Must Avoid the 'Credibility Trap'

June 21, 2016

Why the Fed Needs to Make a Policy Error

May 18, 2016

The Fed Faces Its 'Anti-Volcker Moment'

May 9, 2016

The Fed's Critical Global Mandate

April 29, 2016

Why the Federal Reserve Is All Talk

April 26, 2016

Is the Global Middle Class Really Here to Stay?

April 12, 2016

Quarterly and Monthly Notes

Quarterly Note

Third Quarter, 2018

Quarterly Note

Second Quarter, 2018

Monthly Note

May 2018

Monthly Note

April 2018

Quarterly Note

First Quarter,  2018

Monthly Note

February 2018

Yearly Outlook


Monthly Note

November 2017

Quarterly Note

Third Quarter,  2017

Monthly Note

August 2017

Monthly Note

July 2017

Quarterly Note

Second Quarter,  2017

Monthly Note

May 2017

Monthly Note

April 2017

Quarterly Note

First Quarter, 2017

Monthly Note

February 2017

Monthly Note

January 2017

Quarterly Note

Fourth Quarter, 2016

Monthly Note

December 2016

Monthly Note

November 2016

Quarterly Note

Third Quarter, 2016

Monthly Note

August 2016

Monthly Note

July 2016

Quarterly Note

Second Quarter, 2016

Monthly Note

May 2016

News | Press

Avalon Advisors, LLC Announces new Co-Chief Investment Officer

October 2, 2018

Avalon Advisors, LLC Named to 2018 Financial Times 300 Top Registered Investment Advisers

June 28, 2018

Avalon Advisors Announces San Antonio Expansion

December 21, 2016

Avalon Advisors Announcement

December 16, 2016

Sam Rines

April 11, 2016

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