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“Our use of diversifying strategies has helped to stabilize the volatility of portfolios.”

Jason Blackwell, CFA, CAIA®

Chief Investment Strategist

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What to expect as markets continue to react to the latest coronavirus news

For our most recent update on the COVID-19, please read: What A Week, Really This Time

Equity markets opened sharply down again this morning following President Trump’s address to the nation. The President’s speech underwhelmed investors, who were hoping for a bolder, more substantial policy response. Instead, as one of our macro research providers put it, we got some of the spinach we needed but not the candy. The President outlined the following new initiatives: 

We anticipate additional legislative action this week. Areas being negotiated include: 

We also think it important to highlight some of the actions taken by the private sector. Darden Restaurants, Starbucks, Amazon and others have all rolled out relaxed sick leave policies. These aren’t, in our view, actions that companies would be taking if they thought this would have a sustained impact on the economy. We acknowledge the private sector’s behavior may change as the crisis evolves. The labor market was tight coming into the crisis, and many employers are concerned about having to recruit back talent in several months. Certainly, earnings will come under pressure, however, companies came into the crisis with strong liquidity and should be able to weather the storm.  

 We believe a bolder fiscal stimulus is inevitable. Unfortunately, this issue has become politicized and, therefore, may take more concerning data points before policymakers reach a compromise. While we are hesitant to make analogies to the financial crisis of 2008 (all indications are that banks are functioning well and willing to provide credit), the legislative timeline is a useful guide. On September 20th, 2008, the Treasury submitted legislation to Congress; on Monday, September 29th, Congress rejected the legislation and the market sold off; by Friday, October 3rd, much of the legislation was passed. We anticipate that further market pressure and weakening economic and corporate datapoints will implore policymakers to act, giving us the “candy” that we need to rebound.  

Finally, the spotlight shines on our strategy of broad diversification during these turbulent times.  Equity exposure is just one component of most portfolios.  Our use of diversifying strategies has helped to stabilize the volatility of portfolios. The daily movement of diversified portfolios has been only a fraction of that recorded by the stock market.  And, the income produced by bond investments continues to accumulate.  Our commitment to broad diversification is resolute, precisely because we know there will be unanticipated events that disrupt the equity markets. Pursuing a strategy of more persistent, less volatile returns, has consistently paid off over long periods. 


Jason Blackwell, CFA, CAIA®, Chief Investment Strategist

As the Chief Investment Strategist of The Colony Group, Jason is an investment professional possessing both deep analytical experience and a passion to improve the decisions and outcomes of clients by simplifying the often-complex world of investing. In his role, he is an important resource for our clients and wealth advisors, assisting them in developing portfolios designed to support their goals and communicating the firm’s investment strategy. He also serves as a vice-chairman of the Colony Investment Committee and a spokesperson for Colony Investment Management.

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Richard D. Steinberg, CFA, Chief Market Strategist & Co-Chair, Colony Group Investment Division

Richard Steinberg is the Chief Market Strategist, Co-Chair of the Investment Division and a Principal of The Colony Group. He brings over 25 years of experience leading seasoned investment teams and developing customized investment strategies for private clients, corporations, foundations, retirement accounts, profit-sharing plans and pension accounts. He also analyzes and explains the markets as well as the ever-changing economic and political landscape for clients and the media.

Richard brings a passion for financial management excellence that is personal, cordial, and customized to his roles serving on Colony’s Executive Team and Investment Committee. His philosophy is simple: be available, be flexible, be dedicated and strive to be the best.

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Brian W. Katz, CFA, President of Colony Investment Management & Chief Investment Officer

Brian is the President of Colony Investment Management, Chief Investment Officer, and a Principal of the Colony Group. Since 1997, he has been instrumental in creating and refining The Colony Group’s investment discipline, including designing and maintaining investment strategies that meet the diverse needs of our clients. He manages a select group of the firm’s investment portfolios, is active in equity research, and directs the firm’s managed mutual fund portfolio strategies.

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