Quarterly Commentary

  • Q2 2021

    Last quarter we posited that accelerated vaccine distribution would spur reopenings and increased economic activity. Our crystal ball need not have been polished to a high sheen to proffer these prognostications, and they have indeed come to pass.

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  • Q1 2021

    Just over a year ago the World Health Organization declared the coronavirus a global pandemic. Few would have predicted the returns experienced in global equity markets over the following 12 months. With widespread economic disruption, any company demonstrating growth — regardless of profitability — became a rare commodity, and investors bid prices higher.

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  • Q4 2020

    At Saturna, we entered 2020 with cautious optimism.  Geopolitical uncertainties, rich corporate valuations, and stretched monetary policies kept us vigilant, while generally strong business and economic fundamentals supported optimism.  What we didn’t foresee was the looming pandemic, widespread economic shutdowns, and rapid government intervention.

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  • Q3 2020

    Just when one thinks 2020 has run out of tricks, it throws another tantrum in the form of exploding conflagrations across the West Coast while simultaneously inundating the Gulf Coast with multiple tropical storms and hurricanes. Absent serious and immediate steps toward revolutionizing our modus operandi, we will render the Earth uninhabitable across vast swaths.

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  • Q2 2020

    Despite the economic carnage afflicting the global economy since the outbreak of the coronavirus pandemic, by the end of the first quarter, the stock market had already plumbed its greatest depths, with March 23 marking a nadir. Over the course of the second quarter, while not recovering all the lost ground from the February peak, the market roared back...

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  • Q1 2020

    After a buoyant start to the new decade, investors suddenly woke to the realization that the novel coronavirus and associated COVID-19 illness are serious issues with unpredictable, yet hugely significant economic ramifications. 

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  • Q4 2019

    2019 was a great year for equity markets, with the S&P 500 Index returning 31.49%, the best annual profit since 2013. At Saturna, we’re not forecasting 2020 to generate the outsized gains seen in 2019. Still, we enter the new decade optimistically.

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  • Q3 2019

    · Volatility in August after the S&P 500 Index surged to new highs in July
    · Political unrest in Hong Kong
    · Saturna analysts identify risks in carbon-intensive industries
    · Business Roundtable results in sweeping commitments by CEOs

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