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CNBC News Associate
What should investors do in this volatile market? Managing directors Charles Crane at Douglass Winthrop Advisors and Lawrence Glazer at Mayflower Advisors shared their market outlooks.
“I see a very slow recovery in a tepid economic recovery in a potentially a jobless or anemic recovery,” Glazer told CNBC. “Liquidity is clearly what’s been driving this market, not valuation.”
Glazer said although ETFs have been largely criticized, they can be used as a proxy for individual securities.
“It’s a tax-efficient way for investors to invest and a cost-effective way,” he said. “Investors want fixed income alternatives. ETFs present an alternative to that, but not the only place to put money.”
In the meantime, Crane said it is important to pay attention to all of the money that’s been pumped into the financial system—not just in the U.S., but around the world.
“That money is going to slosh around and some of them [money] are finding their way into stocks, bonds, other financial assets, but some of it has the potential to drive up prices down the road,” he said. “It’s not gong to be immediate, but inflation is an issue.”
As a result of inflation, Crane told investors to avoid the telecom and utilities sectors.
“Telecom is getting to be ever-more competitive and it’s squeezing the profits out of the industry and that’s recipe for a tepid stock performance over the long-haul,” he said.
If inflation rates and interest rates go up, then utility stocks will be in a challenging environment, Crane said.
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Disclosure:
No immediate information was available for Crane or Glazer.
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