In My View

By Ray Pinard | January 23, 2014

Dear Friends:

This blog post is a guest piece written by Mr. Steven Albrecht, President and CEO of Charter Trust Company, Concord, NH. I hope you enjoy his 2014 assessment of the financial markets. Mr. Albrecht can be reached at 603-224-1350, or via email at

Best wishes,
Ray Pinard


Portfolio Review

This is the time of year when nearly every investment management firm, research organization, professional news agency and media site start to produce economic and market forecasts. Writers and forecasters predominately focus on either the economy or the markets depending on their expertise. They mostly avoid merging the discussions to avoid the danger of attempting to rationalize the relationship between the two forces. Throughout history it has been extremely difficult to bring logic to these seemingly rationally intertwined pieces of our lives.

The reason both economic activity and the markets are not perfectly in sync, is about the relative timeframe in which they operate. Don’t get me wrong. I am a big believer in the position that markets are driven and react to economic activity. Let’s start with the premise that markets are forward looking and economics operates in the current time frame.

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