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2020 Providing Plenty Of Volatility But Little Progress - Market Commentary June 11, 2020

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  • Knowing the ride keeps investors leaning in the right direction.
  • Consolidation could provide breadth leadership and renewed skepticism.
  • Copper suggest progress could come even with economic challenges.

Baird Market and Investment Strategy

This article was written by

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About our authors: William A. Delwiche, CMT, CFA Investment Strategist Willie Delwiche is Baird’s Associate Investment Strategist. Before joining Baird in 1999, Willie worked briefly as a researcher at the Committee for Economic Development, a Washington, D.C., pro-business think tank. Willie received a BA in economics and in government and politics from the University of Maryland and an MA in economics from the University of Wisconsin – Milwaukee. He is a member of the Market Technicians Association and the American Economics Association. Mary Ellen Stanek, CFA Managing Director Director of Asset Management Mary Ellen Stanek, CFA, has 35 years of investment management experience. She currently serves as Managing Director and Director of Asset Management for Robert W. Baird & Co. and Chief Investment Officer of Baird Advisors. Additionally she serves as President of the Baird Funds. Previously she had served as President and CEO of Firstar Investment Research & Management Company. Mary Ellen is responsible for the development and portfolio management of all proprietary asset management services. She co-manages several fixed income mutual funds as well as a number of taxable and tax-exempt portfolios. Mary Ellen is a member of The CFA Institute, the CFA Society of Milwaukee, the Greater Milwaukee Committee (Chair), Milwaukee 7 (Co-Chair), Tempo (past President) and Professional Dimensions.

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Comments (1)

SquareBear profile picture
The last sentence/paragraph is key.
“If the economy can continue to provide upside surprises and earnings estimates can start to recover...”
I’m of the conviction that Q2 will see most management teams reporting awful Q2 earnings and either weak or very conservative guidance and analysts will be playing valuation catch-up to the down side.
Mgmt teams, like Baird and the rest of wall st, cannot tell to what extent the massive Covid overhang may further suppress economic activity (therefore, earnings) and will therefore either issue soft guidance or pull guidance altogether.
Is this overhang, especially given rising Covid cases in US, baked in to valuations today?
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