Commentary & Market Analysis
December 5, 2011
Just like football, results are sometimes affected by conditions that can't be controlled. In our business, investors can be quick to become concerned during periods of underperformance. However, this discounts two critical realities: the most important one is that Stadion has been utilizing the same trend following model for more than 15 years, through many different types of markets including sideways markets just like this one. Even though the genesis of sideways markets may vary, in the past 15+ years we have seen no less than 10 similar range-bound environments.
September 5, 2011
August serves as a great reminder why we believe investors should consider at least a measure of exposure to an equity manager like Stadion that seeks to mitigate the effects of devastating market conditions. Only time will tell whether or not current volatility leads to another bear market, or if markets are currently basing for a dramatic move back toward new yearly highs. These are immaterial to Stadion's discipline.
August 5, 2011
We believe there is a place for Stadion in most people's investment portfolios. It is very difficult to manage risk in the equity markets. That is why most don't even try. The principal of buy and hold includes a large element of 'hope' that investors don't have to retire-or otherwise need their money-at the wrong time. But at Stadion, we don't believe hope is a good risk management tool.
July 5, 2011
With the combination of reduced headline risk, a price breakout, and improving technicals/internals, the proverbial late summer rally may arrive in due order. However, we will continue to monitor the markets, staying alert to risk and opportunities and adjusting equity positions accordingly.
June 1, 2011
Only time will tell which way the current market will spring. What we know for now is that this may be a relatively unhealthy price move. Without confirmation by our breadth indicators this means it is one in which we are unlikely to participate.
Past performance is no guarantee of future results. Investments are subject to risk, and any of Stadion's investment strategies may lose money. Investment return and principal value of an investment will fluctuate so that an investor's portfolio may be worth more or less than their original investment. The investment strategy presented is not appropriate for every investor and individual clients should review with their financial advisors the terms and conditions and risk involved with specific products or services. Stadion's actively managed portfolios may underperform during bull markets.