Frost Investment Advisors in the Media

Our investment professionals are often quoted in the financial press. Browse the posts below to see their perspectives.

Bloomberg TV: Elswick Says Junk Bonds Selloff Is a Buying Opportunity

Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses the outlook for junk bonds and his subsequent thoughts on investing.

•    As it relates to the current selloff [in junk bonds], what’s happened over the last couple of weeks is a selloff larger in certain areas of the high yield market like telecommunication and healthcare. In our opinion, it’s not quite characteristic of a broad selloff,” said Elswick. “In the big picture, this will be met with a buying opportunity. Buy the dip, at least for the near term,” said Elswick.

Excerpted from Bloomberg TV, November 13, 2017. To view full interview, click here.

Bloomberg TV: Tax Plan Not Driving Markets, says Jeffrey Elswick

Jeffrey Elswick, director of fixed income at Frost Investment Advisors, discusses the market impact of tax reform.

•    “[Tax reform] will have a short-term effect [on fixed income], one way or the other,” said Elswick. “To the extent that the tax plan falls apart, that would probably be a scenario where treasuries would catch a little bit of a bid for a few days, a week at the most. I don’t think the tax plan, right this second, is really the driving motivation or factor behind what’s going on with a lot of the financial markets, including the bond market,” Elswick continued.

Excerpted from Bloomberg TV, November 13, 2017. To view full interview, click here.

The Wall Street Journal: Dow Clinches Third Straight Record Close

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, discusses the record closings of the Dow Industrial and the current investing climate.

"We're entering more and more into an environment where you may want to avoid passive investments," Stringfellow said. "The risk is there, which could be a larger-than-expected rate hike or some significant geopolitical event."

Excerpted from The Wall Street Journal, September 14, 2017. To view full article, click here.

Bloomberg: Hard to Gauge Harvey’s Refinery Impact, Says Stringfellow

Frost Investment Advisors President and Chief Investment Officer, Tom Stringfellow, discusses crack spreads and the general outlook for the oil and gas industry following disasters such as Hurricane Harvey.

“When we look at the impact on the refineries over the next several months, it’s really hard to get a true gauge on the earnings impact of the refining spreads,” Stringfellow said. “One of the things we see is that the increase in supply courtesy of the shortage is going to downplay any damage to the refineries over the next two or three quarters”

Excerpted from Bloomberg, September 5, 2017. The view full interview, click here.

CNBC Nikkei: August US Market Outlook

Frost Investment Advisors President and Chief Investment Officer, Tom Stringfellow, discusses U.S. market performance from August and outlook for the remainder year following the impacts of Hurricane Harvey.

“There are a number of likely impacts that are resulting from this ongoing hurricane story as it moves from the south Texas belt over to Louisiana. Costs are quickly escalating, but still relatively unknown, because this storm is going to be ultimately the most expensive natural disaster hitting the U.S. soil,” Stringfellow said. “Earlier costs were estimated at $30 to $40 billion dollars, but frankly they could easily exceed $100 billion dollars plus. Industries, categories, sectors that will feel the pinch early on include retail, leisure, hotels, restaurants, autos, infrastructure – bridges, railroads, housing – insurance, energy, and the most obvious, refining companies,” Stringfellow continued. “Essentially, commerce will be at a standstill for weeks and months to come as the insurance companies assess the damages from these destroyed businesses. Some estimates show that only 20 percent, plus or minus, of the homes destroyed were insured, which certainly is going to have an impact in future consumer spending and outlook,” Stringfellow said. “I would expect over the next several months, there will be opportunities for home improvement stores, auto sales, housing, and certainly all those companies engaged in the rebuilding of the Gulf Coast.”

Excerpted from CNBC, August 31, 2017. To view full interview, click here.

Bloomberg: Hot Hand in Stock Picking Belongs to Shorts Even as S&P 500 Hums

Frost Investment Advisors President and Chief Investment Officer, Tom Stringfellow, shares his thoughts on short sellers.

“If you go deeper into the weeds, there have been more fragile sectors, stocks that provide opportunistic short sales,” Stringfellow said. “That tells me that short sellers are sitting very comfortable and probably in no rush to try and cover.”

Excerpted from Bloomberg, August 30, 2017. To view full article, click here.

Associated Press: Up, Down, Back Again: Stocks Dip After Meandering Again

One event that could capture the market’s attention is a symposium of central bankers in Jackson Hole, Wyoming. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both expected to speak at the meeting on Friday. Frost Investment Advisors President and Chief Investment Officer, Tom Stringfellow, shares his thoughts on what to expect from the meeting.

“I can’t imagine anything significant outside of what we already know, which is that over time global rates will move up,” Stringfellow said. “Maybe we’ll get some commentary on how they’ll manage it to keep debt markets calm.”

Excerpted from Associated Press, August 25, 2017. To view the full article, click here.

Bloomberg: Frost’s Mendez Sees more Upside for Apple’s Stock

AB Mendez, senior research analyst at Frost Investment Advisors, discusses investor sentiment on Apple and growth in China. He speaks on "Bloomberg Daybreak: Australia."

“I think this quarter goes a long way to address two of the biggest concerns, near-term, that investors may have had about Apple,” Mendez said. “One is that the launch date for the iPhone 8 may slip meaningfully beyond the September or October timeframe when they usually launch the big new phones, and then, secondarily, that there may be a significant pause in consumer spending on iPhones ahead of this super cycle. So the beat in the quarter and the 3 percent guide ahead for the September quarter were a pleasant surprise.”

Excerpted from Bloomberg, August 1, 2017. To view full interview, click here.

CNBC: Starbucks Reports Mixed Quarter

AB Mendez, senior research analyst at Frost Investment Advisors, discusses Starbucks’ strategy in China and growth strategy.

“Starbucks is a long-term holding,” Mendez said. “Those margins continue to grind higher, gradually, but I think prior to this quarter it was at 17.7 percent, making it an all-time high. So if you look at it on a trailing third-quarter basis, very healthy trends intact.”

Excerpted from CNBC, July 28, 2017. To view full interview, click here.

MarketWatch: Starbucks Earnings: Well-Positioned for Global Growth, but Same-Store Sales a Concern

Frost Investment Advisors Senior Research Analysts AB Mendez and John Lutz discuss Starbucks earnings and potential growth concerns.

“If there was one concern, it would be slowing store sales, which were only three percent globally in 2Q,” Mendez and Lutz said. “[W]e’re confident that they can maintain the current rate of growth and perhaps even slightly reaccelerate the growth rate if they can gain traction with some of their newer concepts like Reserve stores, Reserve bars and Teavana tea stores,” Mendez and Lutz continued. “Starbucks is one of the best at connecting with their customers through a world-class brand, a unique in-store experience and innovative use of technology, including in the company’s mobile app and Starbucks Rewards program.”

Excerpted from MarketWatch, July 27, 2017. To view full article, click here.

The Street: Target is a Mess

AB Mendez, senior research analyst at Frost Investment Advisors, discusses Target’s struggle to compete with Walmart in the mass retail market.

"The last time you went to Target was what, a week ago, a month ago?" Mendez said. "I have no reason to go to Target every week. I can see why Walmart doesn't have a hard time getting customers in every week, because it is the definition of a mass market retailer. Target needs a strategic overhaul," Mendez continued. “With Walmart and now Amazon entering the grocery space with its acquisition of Whole Foods, Target doesn’t stand a chance and should overhaul its fresh produce business, focus solely on specialty retail and launch private-label brands at a premium price point.”

Excerpted from The Street, July 25, 2017. To view full article, click here.

CNBC: Focus on Amazon’s Vision, Not Quarter Over Quarter: Frost Investment Advisors AB Mendez

AB Mendez, senior research analyst at Frost Investment Advisors, discusses Alphabet Q2 earnings.

“We’ve been involved with Amazon as investors for over seven years, so for better or for worse, we’ve basically learned to focus less on the quarter to quarter ups and downs of profit and more on the strategic visions of the company,” Mendez said. “They’ll guide you to look at the 12 month number for free cash flows. Those trends are intact and helping with topline growth, and we’re very confident in the strategic vision of the company. I’m watching two high-level strategic things closely with Amazon. One is just how they continue to grow share of consumer wallet, and increase recurring transactions. I think groceries is one big part of that. The subscribe-and-save feature is another big part of that,” Mendez continued. “Once you subscribe to five or more different items, the recurring savings go from five percent to 15 percent. So that adds up for people who start to subscribe, and those recurring transactions are huge for the stickiness of customers within the Prime ecosystem,” Mendez said. “Secondarily, thinking about ways they can improve efficiency and long-term profitability of business, two of the big ones are continuing to invest heavily in the logistics network and then the artificial intelligence which will only make that more efficient.”

Excerpted from CNBC, July 28, 2017. To view full interview, click here.

CNBC: Nightly Business Report

AB Mendez, senior research analyst at Frost Investment Advisors, discusses Alphabet Q2 earnings.

“We first bought [Google shares] just over a decade ago,” Mendez said. “The company has consistently outperformed the broader tech space since then and, in our view, continues to be on the cutting edge of innovation, especially around artificial intelligence and machine learning, and it’s also coming into its own as an enterprise cloud vendor,” Mendez continued. “Look at their capex priorities, and they’re spending a lot of money hiring developers on the cloud side, and some of that artificial intelligence IP where they have real leadership could have very valuable application in that area.”

Excerpted from CNBC, July 24, 2017. To view full article, click here.

San Antonio Express-News: Fed’s Shift to Reduce $4.5 Trillion Balance Sheet Comes With Risks

Jeffery Elswick, fixed income director at Frost Investment Advisors, discusses Federal Reserve Board Chairman, Janet Yellen, and the policy of “quantitative easing.”

“There’s decent chance Yellen won’t continue. The idea is to put the policy in place before the president finds a replacement,” Elswick said.

Excerpted from San Antonio Express-News, July 24, 2017. To view full article, click here.

Nikkei CNBC Japan: Greeting from Tokyo

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses the markets, healthcare reform, earnings and NAFTA.

“It’s really been interesting sitting on the sidelines watching as the news unfolded that the Obamacare repeal failed. There’s political ramifications that I don’t think have played into the markets yet,” Stringfellow said. “There’s definitely longer term healthcare issues that, if we don’t get the system fixed, are going to have an impact on healthcare companies and, positive or negative, it really is still too early to tell at this point. My longer term concern is that we had a formerly very optimistic Congress, and now the risk is becoming derailed from accomplishing the other primary tasks. This includes pulling back the regulatory environment, infrastructure repair, and of course, the tax simplification project,” Stringfellow continued. “The NAFTA discussions and negotiations are also interesting, in terms of the political pledges versus the business realities. We’re just too strongly tied economically with our trading partners, so I’m really not surprised to see changes from the earlier pledges,” Stringfellow said. “We don’t know how this is going to be resolved. What we’ll notice in the meantime is that companies are still operating across borders, they’re continuing their manufacturing, they’re transportation across borders. We’ve not seen any slowdown. I’m hopeful that negotiations will firm up an agreement that serves the business interest, generally on both sides of the border.”

Excerpted from Nikkei CNBC Japan, July 20, 2017. To view full interview, click here.

Nightly Business Report: Nightly Business Report

Tom Stringfellow, president and chief investment advisor at Frost Investment Advisors, discusses market outlook and growth opportunities.

  • “We’ve had concerns this first half of the year, last year – we have a number of sectors that can’t seem to get traction or maintain traction,” Stringfellow said. “I think that does continue into the second half of the year and going into probably 2018.”
     
  • “There is a number of sectors that I think are very positive. I would say financials will be positive into this next year,” Stringfellow continued. “Technology, I think, continues to be a positive. Healthcare. Especially healthcare technology, I think continues to be positive.”
     
  • “I’d say the stock market is a little stretched these days. For it to continue, we’ve got to have obvious earnings growth,” Stringfellow said. “If we can stay in kind of a low inflationary environment, investors will love that – not fixed income investors, but equity investors will appreciate that.”
     
  • “I think the dynamics between the global, the U.S. markets are really interesting. It’s going to be dependent on strength of the dollar, where investors want to move,” Stringfellow said. “Do they want to come back to the U.S.? But look at some of the multiples, the foreign markets are a little more attractive these days.”

Excerpted from Nightly Business Report, July 4, 2017. To view the full interview, click here.

Bloomberg Radio: Bloomberg Markets: Stringfellow on Energy, Markets, Tech

Tom Stringfellow, president and chief investment advisor at Frost Investment Advisors, discusses the energy sector.

  • “Nuclear is more of a long-term play, LNG is a long-term play. We’ve seen oil weakness here recently. It’s been a matter of over-supply,” Stringfellow said. "What’s interesting, this time around, is that if you look at last year, oil prices falling was widespread. It had an impact across multiple sectors of the economy. This has not been the case."
     
  • “What no one really factored in was that the Middle East could possibly come up with some kind of plan to adhere to some quota,” Stringfellow continued. “We’ll see if they actually do over a long term, but as soon as they said there’s agreement in principle, we saw stability and improvement in oil prices.”
     
  • “Today, we’ve seen that weakness in oil prices, but what it hasn’t really done is translate into weakness across the board in multiple sectors like we did this time last year,” Stringfellow said. “This time last year, what we had was that a larger employment base within the oil sector so when you saw that mass of people being laid off, over time it impacted a lot of the peripheral service industries that surround the oil industries. We have not seen that today, possibly because the recovery in oil hasn’t impacted the peripheral services. There haven’t been that many people added to the employment roles, technology is helping boost.”
     
  • “I still follow the camp that believes that it was a great political campaign speech, but I just don’t know that we’ve got that much of an industry growth in coal,” Stringfellow continued.
     
  • “There are opportunities overseas. Coal is not an easily or cheaply transported fuel. It’s not an easily or cheaply manufactured product,” Stringfellow said. “I do believe that there are more values in the other energy sources – even solar these days. Four or five years ago, solar wasn’t anywhere near as economical or efficient as it is today.”
     
  • “LNG is going to make a heck of a difference in terms of consumption, possibly,” Stringfellow continued. “So while I think it’s a positive for those, incrementally, in the coal business, that’s not an industry that I would, as an investor, be putting a lot of money into right now.”
     
  • “At Frost Investment Advisors, one of the things we look at is, we’re now seeing what’s a volatile market. We’ve talked about VIX in the past and there really is no volatility,” Stringfellow said. “Today is kind of an indication of what it could look like as we’re having sector rotation.”
     
  • “So if you’re trying to make any long-term investments, you really have to look at where is the long-term value proposition, and I think it’s kind of bifurcated,” Stringfellow continued. “In one sense, it still is the tech companies that are helping with what you talked about, pushing everything forward as fast as possible.”
     
  • “Interest rate increases, we think those are certainly down the road, whether it’s this year, that remains to be seen,” Stringfellow said. “But with good, solid growth companies, I’m not too worried about hiked interest rates, recognizing growth in our economy is impacting those really good technology companies.”
     
  • “When I look at the volatility that’s coming, rates hiked, I start looking at where is long-term value, and I still think it’s in those dividend-paying sectors,” Stringfellow said. “Energy is one of them. Now we can argue whether or not oil is priced appropriately, but if you look at market cycles, you know the energy business is not going to go away over the next few years, but meanwhile, there’s a lot of companies paying good consistent dividends”

Excerpted from Bloomberg Radio, June 29, 2017. To hear the full interview, click here.

The Wall Street Journal: U.S. Stocks Slide as Tech Shares Drop

Tom Stringfellow, president and chief investment advisor at Frost Investment Advisors, discusses stock trading after sliding technology shares cause the Dow Jones Industrial Average and Nasdaq Composite to fall.

“There’s a lot of complacency out there,” Stringfellow said. “With stocks already trading near where many analysts expect them to finish the year, further pullbacks wouldn’t be surprising,” he added.

Excerpted from The Wall Street Journal, June 29, 2017. To view the full article, click here.

The Street: The Stats Don’t Lie: It’s Amazon’s World and We Just Get to Shop Here

Only 4 percent of Americans have never made an online purchase. But that's not the important number. Some 96 percent of Americans have made at least one online purchase in their lives and 80 percent in the last month alone, according to research from information and technology platform BigCommerce, Frost Investment Advisers said in a note on Tuesday, June 27.

"Despite continuing improvement in retail sales, all channels are not benefiting," Stringfellow said.

Excerpted from The Street, June 27, 2017. To view the full article, click here.

Financial Times: US Equity Market Rally Hinges on Earnings Growth

Tom Stringfellow, president and chief investment advisor at Frost Investment Advisors, discusses the importance of earnings growth in the U.S. equity market. In the first three months of the year, earnings per share at S&P 500 companies jumped 14 percent. A strong follow-on performance is key to reinforcing share gains that have taken the overall market above long-term valuation averages to 17.6 forward earnings.

“In a word, it is critical,” Stringfellow said.

Excerpted from Financial Times, June 25, 2017. To view the full article, click here.

CNBC: British Pound Rises After Bank of England Official Backs Interest Rate Hike

Tom Stringfellow, president and CIO of Frost Investment Advisors, discusses a Bank of England official’s recent signal that he plans to vote for a rate hike later this year.

"The Bank of England remains on hold for a few obvious reasons (Brexit), although they have also noted increasing concerns that inflationary pressures were taking hold in the British economy," Stringfellow said.

Excerpted from CNBC, June 21, 2017. The view the full article, click here.

Nightly Business Report: Nightly Business Report

AB Mendez, portfolio manager with Frost Investment Advisors, discusses the Amazon Whole Foods deal and its potential impact on traditional grocers.

  • “At a high level, I think the criticism that you hear most often is that it’ll be dilutive or negative for Amazon’s margins, but what I would say is that Whole Foods actually has lower margins,” Mendez said. “It will actually replace some investments that Amazon has already been making and would continue to make, and also could be synergistic to revenues. That is, I think there are a number of different ways that we could talk about where they could increase the revenues of the combined business.”
     
  • “Amazon has done a great job at electronics and general merchandise, shipping those things to you. A Prime membership makes that very easy,” Mendez continued. “On the other end, now they’re adding grocery.”
     
  • “So you get those two things, the fresh and organic produce from Whole Foods and all those things that I don’t really want to walk through the store and look for: paper towels and soap and shampoo,” Mendez said. “If Amazon can help you with their algorithm to get the right frequency and just automatically deliver those things when you need them, it’s a massive opportunity.”
     
  • “It’s not going to be without its challenges for Amazon to complete this deal, and one of those challenges might be competitive bids,” Mendez said. “One challenge that the competitive bidders, such as a Kroger or any another traditional grocer could face, potentially, is people ask about anti-trust.”
     
  • “If you already have a large share of grocery, and you’re buying somebody else who has a large share of grocery, that might get a little more scrutiny,” Mendez continued. “Whereas Amazon is less than 1 percent of U.S. grocery sales, as of today.”
     
  • “Whole Foods had already begun to roll out this new, slightly lower priced, smaller footprint, Whole Foods 365 concept, which I think appeals more to millennials, “ Mendez said. “[It’s] more technology-forward, more data-driven in terms of the curation and the selection of products that you find in those stores.”

Excerpted from Nightly Business Report, June 16, 2017. To view the full interview, click here.

PR Newswire: Frost Investment Advisors Announces Significant Fee Reductions

SAN ANTONIO, Sept. 14, 2017 /PRNewswire/ -- Frost Investment Advisors, LLC, a registered investment adviser, today announced significant fee reductions to several of the mutual funds in the Frost family.

"This change is consistent with our effort to offer excellence at a fair price," said Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, LLC. "By lowering our management fees, we can make it more appealing for people to invest with us. As fee compression has become more common, we've seen the median fees fall for the peer groups which compete with our equity strategies. This change merely re-emphasizes our effort to deliver the Frost value proposition of excellence at a fair price to our shareholders."

Excerpted from PR Newswire, September 14, 2017. To view the full article, click here.

National Business Report: Tom Stringfellow Sees Continued Growth in Markets and the Economy

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses his outlook for investments and the overall economy in an interview with Tyler Mathisen and Sue Herera.

“I would say financials will be a positive through next year,” Stringfellow said. “Technology, I think, continues to be positive. Health care — especially health care technology, I think, continues to be positive.”

Stringfellow went on to say the stock market seems “a little stretched” but that he’s watching to see what happens with interest rates. “If we can stay in a kind of low inflationary environment, investors will love that. Not fixed income investor, but equity investors will appreciate that.”

San Antonio Express-News: Fed’s Plan to Taper Balance Sheet Could Hike Interest Rates, Frost’s Elswick Says

Jeffery Elswick, fixed income director at Frost Investment Advisors, and Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discuss the potential shift in Federal Reserve monetary policy and the effect it would have on the economy.

“The Federal Open Market Committee is widely expected to raise interest rates June 14 for a second time this year. The Fed won’t likely approve a third rate hike as predicted this year,” Elswick said. “Although stocks have been volatile all year, the market will end the year up, rising by as much as 6.5 percent over the next 12 months.”

“Corporate earnings, which have been better than expected, are pushing the market higher,” Stringfellow said. “Continuation of that trend would put a floor under volatility.”

“We need earnings growth. We need confident consumers and patient investors. We also need some quiet on the political front,” Stringfellow continued. “At some point, the noise from Washington will have an adverse effect on investors.”

“I think the Fed in the third quarter will taper its balance sheet and leave the federal funds rate alone,” Elswick said.

“As the Treasuries and bonds on the Fed’s books mature, about $25 billion a month, the Fed will reinvest a smaller amount, perhaps $20 billion a month and let the remaining $5 billion roll off the Fed’s holdings,” Elswick continued.

“This would have the effect of increasing long-term interest rates,” Elswick said. He explained that while higher interest rates would help banks, the rates could damage the economy by raising the cost of borrowing for companies.

“If interest rates go up 1 percent, the economy can tolerate that,” Elswick said. “The Fed is playing a fine line. It does not want to shock the economy with interest rates 3 or 4 percent higher. This is what they are trying to navigate through.”

Excerpted from San Antonio Express-News, June 6, 2017. To view the full article, click here.

Money Life with Chuck Jaffe: The Big Interview with Tom Stringfellow

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses dividend investment strategies in an interview with Chuck Jaffe on Money Life.

“The market valuations certainly haven’t got any cheaper,” Stringfellow said. “We’ve had a few challenging days, and before this week’s over, this month’s over, we may have a few more challenging days. But the fact is that for investors who want that equity exposure, who want to start getting into the markets, or are looking at some sort of relatively safer harbor in what may be some rougher seas, I certainly believe that having a dividend focus makes sense. Primary reason being that a lot of the growth metrics in the market and equity markets have played out on the domestic side.”

“There is some safety in just sitting in the money market if you’re concerned about the shorter-term horizon,” Stringfellow said. “But if I’m willing to go out into the three-plus timeframe, and I’m looking for something that should generate some kind of cash flow and return, and I look at my different options – cash/money market, fixed income, inequity – I know my cash, as rates go up, I’ll get incremental quarters of a point, every six months, year, whatever the Fed cycle’s going to be.”

“I know on fixed income I’ll get hopefully a good actively managed fund, incremental increases and then coupons as the rate goes up. I may get a little more volatility in that short period, but on equity income, I know I have the chance of appreciation, which I really don’t have for the first two, so if I’m looking at three, four, five years down the road, I’m looking for an investment that will give me what I think will be a better cash flow. Well, a good equity income strategy should do that.”

“I’d say that you start with the premise that for years now, non-U.S. securities have traditionally paid more out in dividend payments to their investors than their U.S. counterparts,” Stringfellow said. “It’s just a function of the market structure in non-U.S. countries, mostly European countries, where investors are looking for that cash flow and companies are paying out successes through dividend payments not necessarily investing as much into organic growth and stock repurchase.”

“The downside to passive is also the momentum rhythm, both upside and downside,” Stringfellow said. “Those are the different issues. Do I want to own momentum-driven up and down and do I want to own every company in that benchmark, and if the answer is yes and yes, then there we go!”

Excerpted from Money Life with Chuck Jaffe, June 7, 2017. To hear the full interview, click here.

Nightly Business Report: Nightly Business Report – June 16, 2017

A.B. Mendez, senior research analyst at Frost Investment Advisors, was interviewed regarding FANG stocks.

“The FANG stocks – and I’ll qualify that and say Netflix is a bit of a different animal from the rest of that FANG basket but – all those companies are creating tremendous value for consumers,” Mendez said. “I think, pretty clearly, they’re creating transformations in the economy, in technology, in media and in many other corners of the economy. So to the extent that they are driving a great deal of value creation, I think a lot of the move in the stocks is justified, although it has been a little bit of a breakneck pace over the last six months.” “It’s a great question, and we kind of grapple with these issues on a day-to-day basis. But we are long-term investors at Frost and we’ve been involved with all these companies except for Netflix over a multi-year period as investors,” Mendez said. “Netflix we added in the fall of last year and it’s worked well thus far. But yes, I think it’s just common sense when a stock or a group of stocks have had a big run, I think it’s common sense and good risk management to take a little bit off the table and to trim those positions and bring them closer to where your target allocation might be. So that’s how we think about it, at least.”

WWW.FROSTINVESTMENTADVISORS.COM “I don’t think so. I think $1,000 – investors will look at that and try to attach significance to it because it’s a round number, but looking back at the stock over the last five years, today it’s right at the 5-year average on a price to cash flow valuation multiple basis,” Mendez said. “So there’s nothing really out of whack there. And it’s actually below average on a price to free cash flow as they’re converting a little bit more of the earnings to cash flows.” “Overall, things can sometimes get a little dicey headed into summertime when there’s less volume and some of the traders and investors are away from their desks,” Mendez said. “You worry about a geopolitical event with what’s going on in North Korea and other parts of the world. But other than that, I’m not going to say it’s a Goldilocks economy. We have a good strong economy, at least here in the U.S., and it seems to be improving in other parts of the world. So relatively benign, I’d say.”

Excerpted from Nightly Business Report, May 30, 2017. To hear the full interview, click here.

Reuters: U.S. Oilfield Service Firms Lag Shale Recovery; Old Deals Hold

Tom Bergeron, a senior fund manager for Frost Investment Advisors, was cited in an article that discusses producers pocketing much of the new cash generated by U.S. oil services companies from recovering oil prices.

"Many of (oil producers) have reduced capex spending and are increasing capital returns to investors," said Tom Bergeron, a senior fund manager for Frost Investment Advisors.

Excerpted from Reuters, May 25, 2017. To view the full article, click here.

U.S. News & World Report: Black Clouds Over Brick-and-Mortar as E-Commerce Surges”

Tom Stringfellow, the president and chief investment officer of Frost Investment Advisors, was noted for his analysis expertise in an article concerning the e-commerce boom.

"Perhaps not surprising given trends we've noted for several quarters, the big winner (and more indicative of the health and mindset of the consumer) was the online retailing category,” said Tom. "Couple this with recent reports from Bank of America credit card data, noting that approximately 32 percent of core retail sales are shifting towards the online retailer (excludes autos, building materials and groceries), and brick-and-mortar stores appear to be quickly becoming the retail dinosaur."

Excerpted from U.S. News & World Report, May 16, 2017. To view the full article, click here.

CBS Money Watch: You Could Sell in May – Or Score by Buying These Stocks

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, shares his optimistic viewpoint on whether to heed the “Sell in May and Stay Away” adage.

“Some data points were generally positive on the economic front,” Stringfellow said, including the April Conference Board measure of consumer confidence, which is still posting a 16-year high, and consistent with improving expectations for income, labor markets and consumption growth.

Stringfellow also pointed out that household formation spiked during 2017’s first three months, “a move which we think will likely signal more growth ahead in homeownership
Excerpted from CBS Money Watch, May 8, 2017. To view full article, click here

CNNMoney: Wall Street to Trump: Read Our Lips. Just Fix Taxes

A.B. Mendez, senior research analyst at Frost Investment Advisors, discusses President Trump’s plans to stimulate the economy and the potential for repatriation of taxes.

“Repatriation is an opportunity for Trump to create jobs,” Mendez said. “He can leverage his business background when he has more meetings with CEOs. A meaningful part of repatriated cash should be used for capital expenditures, jobs and retraining – and not just for financial engineering.”
Excerpted from CNNMoney, April 27, 2017. To view full article, click here

Investor’s Business Daily: These Areas Hold Promise In Bonds After Topsy-Turvy Q1

Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses the Fed’s surprising interest-rate hike in March. “March was an interesting month in the U.S. bond market in that, for the first time in a while, interest rates stabilized, even in the face of the Fed surprising most folks in the market and deciding to hike rates in March,” Elswick said. Frost’s Elswick points out that there's big demand for floating-rate bonds in corporate, mortgage or collateralized loan obligations (CLOs), especially from institutional investors. So his team has been using a barbell strategy with fixed-rate notes in the intermediate part of the yield curve and floating-rate notes in the shorter part.

Excerpted from Investor’s Business Daily, April 07, 2017. To view full article, click here

San Antonio Express-News: Local Economists Say Fed’s Rate Boost Signals Healthy Economy

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, discusses the Federal Reserve’s Open Market Committee quarter-point increase in interest rates last week, noting that the move indicates the U.S. economic expansion that started in 2009 has achieved “traction.” Stringfellow said he expects two more increases this year. “Rate hikes will be necessary to level out the growth trend,” he said. But the timing will depend on federal government trade negotiations and federal budget fiscal policies that Congress may change this year, he said.

Excerpted from San Antonio Express-News, March 29, 2017. To view full article, click here

The Wall Street Journal: A Correction Now Might Not Be So Bad, Some Investors Say

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses how a period of declines might be healthy for the post-election stock market. If stocks rise “because of the economy getting better, then the rally makes sense,” Stringfellow said. “If it’s purely because somebody’s promised to cut regulations or taxes, then I think we have some issues coming if we don’t see perfection in the delivery of those hopes and prayers.”

Excerpted from The Wall Street Journal, March 27, 2017. To view full article, click here

Nightly Business Report: Nightly Business Report

AB Mendez, portfolio manager at Frost Investment Advisors, discusses the recent selloff on Wall Street and shares his forecast on whether or not to buy or sell. “If anything is surprising, it’s that with each successive sell-off in the market as we go through time, the viciousness and rapidity with which they happen seems to be neck breaking,” Mendez said. “Maybe it’s because a lot of that is driven by algorithmic strategies.” “But the fact that we would sell off the momentum trades, the crowded trades, the Trump trades, deep cyclicals and financials that have really done fantastically since the election – that we get a little bit of a pullback here – I don’t think it’s surprising at all,” Mendez continued. “People talk about, ‘Oh, it looks like the Trump administration might not be able to accomplish 100 percent of their stated goals,” but that should not be news to anyone – this happens in every election cycle,” Mendez said. “It seems to me the [Trump] administration remains committed to policies that will be business-friendly, deregulation – which will be critically important to the financial sector that has been arguably over regulated for some time now – and that notwithstanding even before we get some of these stimulative policies, macroeconomic data have continued to be supportive,” Mendez continued. “We have traded at relatively high valuations relative to history for some time now,” Mendez said. “That said, again, supported by strong macroeconomic data and the potential for more business-friendly policy, I would be neither [a buyer nor seller] unless a few days from now the dust settles and if a week or two from now we were 5 percent, 10 percent down on the broad indices.” “We continue to see a lot of opportunity out there in secular growth names – in names that are strong balance sheets, strong profitability and cash flows – and where we’ve been waiting for an opportunity to add to positions that we know we like and where we get a better valuation entry point,” Mendez said. “So, I would be buying once the dust settles.” “It makes me a bit more cautious on names that carry higher leverage – those companies that have more debt on their balance sheet and are going to have to refinance that debt potentially at a higher interest rate down the road,” Mendez said. “More broadly, that’s the only way it factors in.” “More companies that carry higher debt – companies that seem higher risk and are less profitable/more speculative – I’m a bit more cautious because those discounted cash flow evaluations use that interest rate as an input,” Mendez continued. “Beyond those couple of examples, it doesn’t have much impact on the secular growers that we look at.”

Excerpted from Nightly Business Report, March 21, 2017. To view full article, click here

Title: U.S. News & World Report: What Would Repealing Dodd-Frank Mean for Stocks?

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses the impact of President Trump’s potential changes to regulations, including the Dodd-Frank and the fiduciary rule. “We’ve seen times where financial institutions get a little carried away if some regulations aren’t in place, and we could be pushing ourselves toward another financial mania – which would certainly not be helpful for investors, consumers or banks themselves,” Stringfellow said.

Excerpted from U.S. News & World Report, February 06, 2017. To view full article, click here

Forbes: Chipotle Closes the Books On 'Most Challenging Year' in 23-Year History with 13% Drop in 2016 Revenue

AB Mendez, senior research analyst and portfolio manager at Frost Investment Advisors, said that despite Chipotle’s struggles, he too is bullish on its long-term potential. “I think for me there’s still a meaningful gap in quality of experience, relative to anything else in the same price range,” Mendez said. “I think Chipotle has a great management culture, is differentiated from the competition, and has the luxury of having created the category.”

Excerpted from Forbes, February 02, 2017. To view full article click here<

CNNMoney: Is Wall Street starting to show Trump regret?

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, said in a report that President Trump’s quick decision to get out of the Trans-Pacific Partnership and talk about tearing up the NAFTA agreement should unnerve the market even more than it has already. “While President Trump has clearly telegraphed his intentions to back away from existing trade agreements, many incorrectly assumed these actions were to be explored further down the road. Last week proved otherwise,” Stringfellow said.

Excerpted from CNNMoney, January 31, 2017. To view full article, click here

San Antonio Express-News: Analysts betting that Fed won’t raise interest rates three times in 2017

Jeffery Elswick, director of fixed income at Frost Investment Advisors, shares his predictions on interest rate hikes in 2017 and the factors that will impact the Fed’s decision. “We think the Fed will only lift interest rates once and then change its position on its bond purchases.” Elswick said. “It will begin to taper, cutting back on bond purchases. The focus should be on whether positive global growth will stay positive the first half of the year.” “The markets have bought heavily into lower taxes and lower regulations” as a result of the Donald Trump administration, Elswick said. “If that starts not to come together, that would be bullish for bonds.”

Excerpted from San Antonio Express-News , January 19, 2017. To view full article, click here

BestLifeOnline.com: The 20 Essential Wealth-Building Rules for 2017

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, provides high-level tips on how to ensure your wealth continues to grow in the coming months and years. “Managing interest-sensitive debt should be the top priority for 2017 given the expected central bank rate hikes this coming year,” Stringfellow said. “Building wealth is not only a function of developing a thoughtful investing and savings plan but also the prudent management of your family’s debt burdens and interest rate-sensitive floating liabilities. The latter having the potential of negatively impacting both personal cash flows and balance sheet health.”

Excerpted from BestLifeOnline.com, January 17, 2017. To view full article,click here

Financial Planning: Managing ‘euphoric momentum’ as well as rate hikes

In a contributed article to Financial Planning, Tom Stringfellow writes about the history and potential implications of a Federal rate increase. “Quite a lot has happened in our economy since the Fed’s last quarter-point rate increase a year ago,” Stringfellow said. “That hike was the first following seven years of what I believe is the most accommodative monetary policy period in U.S. history, starting us on a path that seemed relatively clear for a successive string of rate ‘normalizations’ at the tail-end of 2015 and beginning of 2016.”

Excerpted from Financial Planning, December 14, 2016. To view full article,click here

U.S. News & World Report: Federal Reserve Caps Off 2016 With Interest Rate Hikehikes

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, discusses the Fed announcement that its benchmark interest rate will be raised for the first time since December 2015. “That hike was the first following seven years of what I believe is the most accommodative monetary policy period in U.S. history, starting us on a path that seemed relatively clear for a successive string of rate 'normalizations' at the tail-end of 2015 and beginning of 2016,” Stringfellow said. “Unfortunately, over the ensuing few months, a string of hiccups threatened to derail the economy, markets and what was then a still-budding rise in consumer confidence,” Stringfellow said. “What followed over a relatively brief timespan were headline fears of a recessionary redux, and just as quickly, the start of a roller coaster ride in the global financial markets.”

Excerpted from U.S. News & World Report, December 14, 2016. To view full article, click here

Reuters: TREASURIES-U.S. bond yields decline ahead of ECB meeting

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses the post-election boost in the stock markets and the potential impact of market jitters. “The domestic equity markets have been a little too ebullient, I suspect, with investors bidding up markets in anticipation of fast-track tax reforms, infrastructure plays and fiscal policy changes,” Stringfellow said.

Excerpted from Reuters, November 28, 2016. To view full article,click here

Bloomberg “Taking Stock”: Frost’s Stringfellow: Consumer Sectors Still Attractive (Audio)

In a guest appearance on Bloomberg Radio’s “Taking Stock,” president and chief investment officer Tom Stringfellow of Frost Investment Advisors discusses the market outlook and investment strategy therein. The radio segment ran on Bloomberg “Taking Stock”, Sept. 27, 2016.

Excerpted from Bloomberg “Taking Stock”, September 27, 2016. To view full article, click here

San Antonio Express-News: June jobs report looms large

Jeffery Elswick, director of fixed income and portfolio manager at Frost Investment Advisors, discusses his predictions for the June jobs report after May’s results were unexpectedly weak. • “The sentiment is that Friday’s report has an extra level of importance after May’s poor result,” Elswick said. • Economists are expecting the U.S. to report it added between 170,000 and 180,000 net new jobs in June, Elswick said. “Some on the fixed-income side say June is going to be even better than that, and that May will be revised up.” • “The market believes May was a one-off fluke,” Elswick said. “If there is another weak jobs report, the market will think maybe there is something here we have to worry about for the U.S. economy.” If Friday’s June job report comes in less than a 140,000 net gain, “that would surprise me,” Elswick said. • Elswick predicted that a lower-than-expected job gain would spark a one- or two-day stock sell-off. “The markets would say, ‘OK, the Fed is out of the box for hiking rates for an extended period,’” Elswick said.

Excerpted from San Antonio Express-News, July 07, 2016. To view full article, click here

SNL Financial: Fed rate timing, Brexit inject uncertainty into markets, investment officers say

In a feature, Q&A article with SNL Financial, Tom Stringfellow and Brad Thompson discuss their market outlook amid the Federal Reserve’s low interest rate regime and the ramifications of Brexit.

Excerpted from SNL Financial, June 30, 2016. To view full article, click here

San Antonio Express-News: San Antonio executives brace for uncertainty in the wake of ‘Brexit’ vote

Jeffery Elswick, director of fixed income and portfolio manager at Frost Investment Advisors, discusses the impact of Britain’s vote to exit the European Union and its effect on markets across the globe. • “It will take a little while as investors rebalance their positions in bonds and equities,” Elswick said. “A lot of people are squaring their positions, which is adding to the volatility. In the next few days, the markets will be deciding what this means long term.”

Excerpted from San Antonio Express-News, June 24, 2016. To view full article, click here

San Antonio Express-News: Negative interest rates unlikely for U.S.

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses his outlook on why the U.S. economy and its central bank are not headed toward negative interest rates. • The idea is force people to spend money instead of saving it, thus stimulating economic activity, Stringfellow said. Stringfellow calls negative interest rates a tool of last resort. • He said negative interest rates also have not yet proven they can accomplish their purpose — stimulating economies. “It doesn’t boost lending,” Stringfellow said. The countries that have negative interest rates “are still trying to jump start their economies,” Stringfellow said. “We’re not at that stage.” Those countries should have turned to their government’s fiscal policies for stimulus, such as lower taxes and reduced spending, instead of negative interest rates, Stringfellow said. • As for the U.S., labor, housing and consumer markets all are healthy. Corporate earnings are stable. The U.S. dollar exchange rate has retreated from its recent strength to help U.S. exporters sell more. Core inflation increases are small but are still there, Stringfellow pointed out. But demand for loans is weak, which is damaging the financial sector and slowing economic growth, Stringfellow said. • The cause of low loan demand in the United States is election-year political platforms that cause companies to hesitate on borrowing to buy more equipment and hire more workers. “The nasty rhetoric has dampened investment,” Stringfellow said. “The political parties need to do a better job of explaining how their policies would help economic growth, to make companies want to invest in people, equipment and new products.” • If the next recession starts with short-term interest rates still low, the Federal Reserve would not have sufficient room to reduce interest rates to stimulate the economy, the Fed’s normal course of action, because rates already are near zero. Stringfellow, however, does not believe a recession is near. “A cycle doesn’t end because it’s old,” Stringfellow said. “It ends because of a significant spike somewhere,” such as the 2008 financial industry crisis. • With the United Kingdom voting to leave the European Union, Stringfellow said the Federal Reserve could look at its options to ease monetary policy, including the possibility of another round of quantitative easing, but not a move into negative interest rates.

Excerpted from San Antonio Express-News, June 24, 2016. To view full article, click here

San Antonio Express-News: Oil prices fall, gold rises as San Antonio watches fallout from U.K. exit

Jeffery Elswick, director of fixed income and portfolio manager at Frost Investment Advisors, discusses the potential long-term effects of Britain’s vote to exit the European Union. The uncertainties created in Europe, the largest trade partner for the United States, means the Federal Reserve will not try to push interest rates higher in the short term and likely not for the rest of the year, said Jeffery Elswick. The U.K. decision calls into question whether the slow global expansion can continue, Elswick said. “The European Union is fundamentally flawed,” Elswick said. “Is the U.K. first? With national elections coming up in Germany and France, the populist vote that has happened in the U.K. jeopardizes the ongoing of the EU. That increases risk at some point. Does the EU make sense? It could jeopardize global growth, including the United States.” “But it’s a little dangerous to draw conclusions, Elswick said. “It will take a little while as investors rebalance their positions in bonds and equities. A lot of people are squaring their positions, which is adding to the volatility. In the next few days, the markets will be deciding what this means long term.”

Excerpted from San Antonio Express-News, June 24, 2016. To view full article, click here

Financial Advisor Magazine: Brexit or Bremain, U.K.'s Vote Could Have Lasting Consequences

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, addresses the possible long-term implications from the Brexit vote. Whether voters choose to leave, or “Brexit,” the EU or remain, there will be lasting implications that may take years to realize, Stringfellow says. “Although the results of the vote are yet to be realized, the ongoing debates point to fairly serious economic, regulatory, political and nationalist consequences,” Stringfellow said. “One of the more significant risks that could be unleashed is the threat of a further unraveling from the peripheral nations of the EU, such as Italy, Spain or Greece.” Stringfellow cites analysis by the U.K. Treasury that estimates that a Brexit would lower the country’s GDP by 3.6 percent after two years and raise unemployment by 520,000, while launching a massive overhaul of regulations, contracts and laws.

Excerpted from Financial Advisor Magazine, June 23, 2016. To view full article, click here

Institutional Investor: Daily Agenda: Markets Calm as Investors Await Brexit Vote

President and chief investment officer Tom Stringfellow’s comments from the News & Views were included in a story on the upcoming “Brexit” vote and its impact on the global markets. “This coming week may well end with either a European relief rally or a ratcheting up in global volatility,” Stringfellow said. “Either way, voters in the U.K. will set the stage at the polls tomorrow, deciding the future economic and political course for the European Union through the next crisis.”

Excerpted from Institutional Investor, June 22, 2016. To view full article, click here

Financial Advisor Magazine: The Brexit Countdown Begins

President and chief investment officer Tom Stringfellow’s comments from the News & Views were included in a story on the upcoming “Brexit” vote and its impact on the global markets. • “This coming week may well end with either a European relief rally or a ratcheting up in global volatility,” Stringfellow said. “Either way, voters in the U.K. will set the stage at the polls tomorrow, deciding the future economic and political course for the European Union through the next crisis.”

Excerpted from Financial Advisor Magazine, June 21, 2016. To view full article, click here

TheStreet.com: Are Negative Interest Rates Possible in 2016?

Tom Stringfellow comments on the speculation around the Fed possibly moving toward negative interest rates amid a U.S. market environment of stock selloffs, increasing unemployment and declining oil prices. "The economy is percolating along," said Tom Stringfellow, president and chief investment officer at Frost Investment Advisors. "Negative rates would imply we do not have an economy that's gaining any kind of traction and I don't believe we're in that situation.” "You'd have to see a complete reversal of what stabilized the economy over the past four years," said Stringfellow.

Excerpted from TheStreet.com, June 03, 2016. To view full article, click here

Investor’s Business Daily: This Is Why Biotech Stocks May Explode Again

Senior portfolio manager Bob Bambace provides his outlook on biotechs by discussing recent M&A activity and citing a pipeline of therapeutics that has the potential to lift the sector again. Tax inversions have become a popular way for drugmakers to boost their bottom lines and get access to cash. “We think that with the tax regulation — I call this the ‘inversion bottom’ — and the bad press associated with the health care industry, that created a bottom in our minds,” said Robert Bambace, senior portfolio manager at Frost Investment Advisors. “A lot of the bad news has already been baked into these companies.” Bambace says that [Medivation’s reluctance to be acquired by Sanofi] might be for show. “I think that’s just a bargaining chip,” he said. “The reality is that most of these companies will have to partner up anyway. … The larger pharma and biotech names … will reach a point where their pipelines are so dry, it will force their hands.” Bambace sees lots of exciting biotechnology science going on to fill out those pipelines. As he put it, we’re “going from the Model T stage to the space shuttle stage.” Though he declined to name specific companies, he pointed to work in biomarkers — which include PD-1 inhibitors such as Bristol-Myers Squibb‘s (BMY) Opdivo and Merck‘s (MRK) Keytruda. He also cited work in genetic mutations, the focus of many rare-disease firms such as BioMarin and Bluebird Bio (BLUE).

Excerpted from Investor’s Business Daily, May 07, 2016. To view full article, click here

Institutional Investor: Daily Agenda: Trump, Clinton Power for the General Election

Institutional Investor picked up Tom Stringfellow’s comments from the News & Views regarding his attendance at an economic and political conference. "This past week I attended an economic and political conference in Washington, and had the opportunity to hear a number of congressional leaders share their outlooks for the upcoming year. Noticeably absent were presidential candidate predictions – unless pressed – although each speaker unreservedly toed the party line. Just a few of the speakers at the gathering included Arizona Senator John McCain, Oklahoma’s James Lankford and Rhode Island’s Sheldon Whitehouse. While there were a number of glaring differences depending on political perspectives, there were a number of common threads across both parties. Commonly held topics that they seemed to agree on included fixing the tax structure – making it more understandable and fair – boosting anemic economic growth and improving homeland security. Quite a few speakers also discussed burgeoning debt levels, primarily driven by entitlements, with many noting how unsustainable mandatory spending levels would become over the next few years. A few also commented on the political suicide potential for any party trying to tackle possible solutions head-on. Of course, the speakers were also some distance apart on how to fix these problems, where and how they started and which party was more capable of offering the best solution. This might explain a nervous market, antsy investors and a disgruntled electorate.”

Excerpted from Institutional Investor , April 27, 2016. To view full article, click here

USA Today: CEO profit guidance: What Wall Street wants to know

President and Chief Investment Officer Tom Stringfellow’s comments from the News & Views were included in a story on first-quarter earnings and CEOs’ outlook for their firms and the global economy. “Of specific interest will be the comments from management as (it relates to) the potential for an uptick in earnings,” Tom Stringfellow said.

Excerpted from USA Today, April 12, 2016. To view full article, click here

USA Today: Yellen’s task: Soothe market’s frayed nerves

President and Chief Investment Officer Tom Stringfellow’s comments from the News & Views were included in a story on the Fed’s outlook on the U.S. economy amid the flux in global financial markets. “Hopefully, (Yellen) will provide some assurances ... while potentially mollifying a few investor fears,” Tom Stringfellow, chief investment officer at Frost Investment Advisors, wrote in a report.

Excerpted from USA Today , February 10, 2016. To view full article, click here

Institutional Investor: Daily Agenda: China Ratchets Down Expectations

In a “Daily Agenda” column for Institutional Investor, President and Chief Investment Officer Tom Stringfellow provides his market outlook and abates speculation of a possible bear market.

Excerpted from Institutional Investor , February 03, 2016. To view full article, click here

USA Today: Dow down 296; oil off 5.5% and back below $30

President and Chief Investment Officer Tom Stringfellow’s comments from the News & Views were included in a daily markets story covering economic woes in China, volatile oil prices and the strong USD. It won't be easy for the market to break out of its doldrums until the persistent headwinds abate, such as economic problems in China, volatile oil prices and a too strong dollar, argues Tom Stringfellow, chief investment officer at Frost Investment Advisors. "Unfortunately, until there is some stabilization in oil prices, China resolves its 'monetary flight', the dollar solves its 'dollar-might', and investors back off their recession fears, the drivers for any market bounce are fairly limited and emotionally based," Stringfellow noted via e-mail.

Excerpted from USA Today , February 02, 2016. To view full article, click here

San Antonio Express News: San Antonio money managers do not expect a bear market

Tom Stringfellow provides his market outlook on equities amid prolonged declining prices. “We’re comfortably in a correction, but I am not overly concerned there will be a bear market and extended declining prices,” Stringfellow said. “If we get there, it will be an emotional sell-off” unrelated to economic conditions. A strong domestic economy does not translate into a strong market. A strengthening of the economy should be a safety net under the market,” he said. “If we’re flat for the year (about 2,060 points), I’d be happy,” Stringfellow said. “If you strip out the energy industry, the market doesn’t look that bad,” he said.

Excerpted from San Antonio Express News , October 02, 2015. To view full article, click here

CNNMoney: 'Dazed and confused': Dow falls 180 on uncertainty

CNNMoney picked up Tom Stringfellow’s comments from the News & Views in describing investors as “dazed and confused” after the Dow’s 180 point decline in September. "Dazed and confused" is the overriding sentiment in markets, according to Tom Stringfellow, chief investment officer at Frost Investment Advisors.

Excerpted from CNNMoney, September 22, 2015. To view full article, click here

Reuters: US STOCKS-Wall St slumps amid fall in commodity prices

Tom Stringfellow discusses market reaction to the possibility of the Fed deciding to leave interest rates unchanged. "The potential that the Fed may delay rate hikes until next year will provide even more angst for the markets... the longer the delay, the greater the potential for an accelerating rate hike schedule," said Stringfellow.

Excerpted from Reuters , September 22, 2015. To view full article, click here

Institutional Investor: In U.S. Mortgages, Government Inc. Calls the Shots

Director of Fixed Income Jeffery Elswick commented on the firm’s vetting process of nonbank originators of mortgages, amid a steady mortgage market due to the low interest-rate environment. “Because of the size of the market, the CFPB hasn’t looked at all the originators,” says Jeffery Elswick, director of fixed income at Frost Investment Advisors in San Antonio. “If it’s a small company that’s not public, you have to talk to the company. You have to ask.”

Excerpted from Institutional Investor , September 15, 2015. To view full article, click here
CNNMoney: Bulls on parade: Stocks bounce back ... for good?

President and Chief Investment Officer Tom Stringfellow commented on the market stabilization after the stocks selloff. "The markets have found some sort of footing. There is money out there still looking for a home," said Tom Stringfellow, president and chief investment officer of Frost Investment Advisors. "We haven't had too many frantic client calls about stocks. That's much different than previous corrections. People are testing the waters," Stringfellow said. "Diehard investors are staying in the markets."

Excerpted from CNNMoney , September 08, 2015. To view full article, click here

CNBC.com: Dow, S&P 500 close below 50-day moving average ahead of jobs report

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, suggested that the IMF should look to consumer spending rather than wage and inflation to predict the Fed rate hike. "Maybe the IMF should look at some of the other data coming out because consumer (spending is picking up)," said Tom Stringfellow, president and chief investment officer at Frost Investment Advisors of Frost Investment Advisors.

Excerpted from CNBC.com, June 04, 2015. To view full article, click here

InstitutionalInvestor.com: Daily Agenda: Analysts See Dollar Set to Resume Rise

In a “Portfolio Perspective” column for Institutional Investor, Brad Thompson, director of strategy and equity research for Frost Investment Advisors, discussed the Fed’s concern for productivity in the labor market as a benchmark for raising interest rates.

Excerpted from InstitutionalInvestor.com , May 28, 2015. To view full article, click here

Barrons.com: Dow Stalls in Slow Pre-Holiday Trading

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, discusses investor reaction after Fed Chair Janet Yellen said in a speech that as long as the economy improves, the central bank will likely raise rates. “Investors are a fickle bunch,” says Thomas Stringfellow, president and chief investment officer at Frost Investment Advisors, “and they breathed a collective sigh of relief when Yellen reaffirmed the market’s expectations of a fall hike.”

Excerpted from Barrons.com , May 23, 2015. To view full article, click here (subscription required)

Institutional Investor: Daily Agenda: Tight Race in U.K. Elections

In a “Portfolio Perspective” column for Institutional Investor, Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, offers his thoughts on Europe’s labor market and trends therein.

Excerpted from Institutional Investor, May 07, 2015. To view full article, click here (subscription required)

CNBC: Dow Falls 100 Points Again as Bulls Try Holding Market Milestones

Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses the market’s anticipation for the Fed’s interest rate raise. “At this point the market has begun to be fairly confident that the Fed is going to raise rates in the next three to five meetings,” said Jeffery Elswick, director of fixed income at Frost Investment Advisors. “At some point, yields need to reprice somewhat higher. The bottom line is the market has become accustomed to pretty poor first quarter growth numbers. As we head into the second quarter, I think the market is confident enough in that the Fed can raise rates.”

Excerpted from CNBC, May 05, 2015. To view full article, click here

Investor’s Business Daily: Fed Fallout: Winner Stocks In Chaotic Market Week

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, expects some niches in the tech stock to bounce back. He also commented on what people are doing with their fuel savings and the state of health care stocks. Health care stocks, especially in the biotech space, also did well this week. So did some financials, especially regional banks, which can benefit from improved lending to small businesses, he says.

Excerpted from Investor’s Business Daily, March 12, 2015. To view full article, click here

The Wall Street Journal: U.S. Stocks Slip But Post Monthly Gains

Tom Stringfellow, chief investment officer of Frost Investment Advisors, commented on the consumer discretionary sector, which was the best performing sector in the S&P 500 for the month of February. Investors put money in this group because they think the segment benefits from lower oil prices. “We’re a believer that cheaper gas puts more money into peoples’ pockets, and people have a tendency to spend what’s in their pockets,” he said.

Excerpted from The Wall Street Journal, February 27, 2015. To view full article, click here (subscription required)

Seeking Alpha: Demand Worries Gain, Though Still Dismissed Outside Of Actual Trading

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, offers his insight on the cause of faltering commodity prices. “People are starting to get very nervous as commodity prices are faltering and we know it's because the global growth rate has been brought down,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “The U.S. alone can't support the world and the retail sales are a warning shot across the bow. One month isn't a trend but it does put people on alert.”

Excerpted from Seeking Alpha, January 15, 2015. To view full article, click here

Bloomberg: U.S. Stocks Fall on Growth Concerns as Retail Sales Drop

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the drop in commodity prices and retail sales, how both are affecting the U.S. economy, amid the decline in U.S. stocks. • “People are starting to get very nervous as commodity prices are faltering and we know it’s because the global growth rate has been brought down,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “The U.S. alone can’t support the world and the retail sales are a warning shot across the bow.”

Excerpted from Bloomberg, January 14, 2015. To view full article, click here

Bloomberg: U.S. Stocks Slide, Global Bonds Rally Amid Growth Concern

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the drop in commodity prices and retail sales, and how both are affecting the U.S. economy, amid a rally in global bonds. • “People are starting to get very nervous as commodity prices are faltering and we know it’s because the global growth rate has been brought down,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “The U.S. alone can’t support the world and the retail sales are a warning shot across the bow.”

​Excerpted from Bloomberg, January 14, 2015. To view full article, click here

CNNMoney: Stocks should fall further. Here's why.

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on his investment strategy amid the market’s beginning-of-the-year drop that put some stocks at attractive valuations for long-term investors. • "There are some good buying opportunities right now. We are using cash to find bargains," said Tom Stringfellow, chief investment officer with Frost Investment Advisors. "But we are looking mostly at larger, more well-known conservative companies."

Excerpted from CNNMoney, January 06, 2015. To view full article, click here

CNNMoney: Dow hits 18,000 for first time ever

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the yearly trend known as the "Santa Claus rally” whereby institutional fund managers load up on winning stocks in an attempt to show investors that they hold the year's top performers in their portfolio. • "It's beginning to look a lot like Christmas," says Tom Stringfellow, president of Frost Investment Advisors.

Excerpted from CNNMoney, December 23, 2014. To view full article, click here

Institutional Investor: The Daily Agenda: Cheap Oil, Cuba and Hopes for a Santa Claus Rally

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, offers his perspective on the drop in oil price as the “Grinch that stole Christmas” in 2014 and the yearly anticipated Santa Claus rally.

Excerpted from Institutional Investor, December 18, 2014. To view full article, click here

Barron’s: Markets Plunge as Oil Panic Spreads

Tom Stringfellow, president and chief investment officer, offered his investment position amid U.S. equity markets suffering their largest point declines in more than three years. “These kinds of markets test the mettle of investors,” says Tom Stringfellow, president of Frost Investment Advisors. “You have to step away from the monitor so you don’t do anything stupid, like hit a sell button.”

Excerpted from Barron’s, December 13, 2014. To view full article, click here (subscription required)

The Wall Street Journal: U.S. Stocks Inch Higher to Records

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the U.S. economy and his firm’s strategy for home-improvement retailers. “There’s demand out there,” said Tom Stringfellow, chief investment officer of Frost Investment Advisors, which manages $10 billion, referring to the U.S. economy. “That continues to underpin [gains in] the market.”

Excerpted from The Wall Street Journal, November 20, 2014. To view full article, click here (subscription required)

Institutional Investor: Daily Agenda: Has the Euro Zone's Economy Hit Bottom

In a “Portfolio Perspective” column for Institutional Investor, Ted Harper, fund manager at Frost Investment Advisors, offers his perspective on the U.S.’s pro-development, pro-growth stance on energy.

Excerpted from Institutional Investor, November 14, 2014. To view full article, click here (subscription required)

Barron’s: Jeffery Elswick: Cracking the Code of Fixed-Income Investing

Jeffery Elswick, director of fixed income at Frost Investment Advisors, was featured in a Barron’s profile.

Excerpted from Barron’s , November 08, 2014. To view full article, click here

Bloomberg: Oil Stocks Lure Most Bearish Bets Since 2007: Options

Ted Harper, fund manager at Frost Investment Advisors, discusses investors’ recent sale of oil and gas shares, which have left some companies at attractive valuations. “It was certainly the baby getting thrown out with the bathwater,” said Harper, who helps manage more than $10 billion from Houston. “When you have higher quality, consistent growers getting marked down to the extent that they’ve been, that creates opportunities.”

Excerpted from Bloomberg , October 29, 2014. To view full article, click here

Institutional Investor: Daily Agenda: Oil Prices and the U.S. Recovery

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, discusses his outlook on the oil & energy sector. “Looking out on a one-, two- or three-year frame may not be the correct way to assess risk for the sector,” he says. “The oil market has proven itself time overtime of being capable of turning on a dime,” said Stringfellow.

Excerpted from Institutional Investor , October 29, 2014. To view full article, click here (subscription required)

Money News: Commodity Prices Sink to 5-Year Low Led by Copper, Hogs

Ted Harper, fund manager at Frost Investment Advisors, discusses the decrease in commodity prices, which reached a five-year low. “You’ve had a continuation of the stronger dollar trend,” said Ted Harper, senior fund manager who helps manage more than $10 billion for Frost Investment Advisors LLC in Houston. “We also have growing concerns about slowing growth, at the margins domestically, but also in Asia and Europe.”

Excerpted from Money News, October 15, 2014. To view full article, click here

Institutional Investor: Daily Agenda: Alcoa Earning Sing of Industrial Health

Ted Harper, fund manager at Frost Investment Advisors, offers his perspective on the stabilization of the oil market.

Excerpted from Institutional Investor, October 08, 2014. To view full article, click here (subscription required)

CNN Money: Are stocks a trick or treat?

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, provided his outlook on economic recovery. "We are at the stage of the recovery where organic earnings matter. Financial engineering, not so much," wrote Stringfellow in a report.

Excerpted from Institutional Investor, October 08, 2014. To view full article, click here

Bloomberg: Record S&P 500 Masks 47% of Nasdaq Mired in Bear Market

Brad Thompson, director of research at Frost Investment Advisors, discusses how some stocks perform under certain market conditions and possible market scenarios when the Fed begins to raise rates. Stocks with weak or no earnings and fewer shares to trade fare worse during market turmoil, said Brad Thompson, director of research at Frost Investment Advisors LLC in San Antonio, Texas. More than 20 percent of companies in the Nasdaq Composite and Russell 2000 will be unprofitable this quarter, according to data compiled by Bloomberg of companies with analysts’ forecasts. Only 15 companies in the S&P 500 reported a loss for the past year. “There is a sense of ‘Well, we’ve had a lot of liquidity, we’ve had low rates,” and “once the punch bowl is taken away, the market is going to fall,’” Thompson, who helps oversee $10 billion at Frost Investment, said in a phone interview on Sept. 10. “I’m not in that camp, but that’s one narrative that’s been played out.”

Excerpted from Bloomberg, September 15, 2014. To view full article, click here

The Bond Buyer: Muni Snub from HQLA Creates Buzz Among Buy-side Analysts

Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses municipal credits. "I do believe, on margin, this will increase the required risk premium on municipal bonds over U.S. government bonds as some banks will likely cut back their allocation to the sector," Elwick wrote in an email. "But, this does not mean banks are not going to invest in any municipal bonds going forward; it's a change on the margin in my opinion. "Certainly relative yields may increase marginally higher as banks are some of the larger buyers of some - not all -- municipal bonds. But the largest investors in the sector continue to be money managers and retail investors, and this ruling doesn't really color this sector from these two sets of investors," he added.

Excerpted from The Bond Buyer, September 11, 2014. To view full article, click here (subscription required)

ThinkAdvisor: What Could Keep S&P Above 2,000?

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, comments on the S&P 500’s rise above 2,000 on August 26, 2014. “Most of the measures of prospective [economic] growth showed improvement” last week, according to Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, in an outlook report released on Tuesday. Stringfellow adds that the Future General Activity Index just hit its highest level since June 1992. “This upturn in optimism was also reflected in the New York Fed's Business Leaders Survey, with one component of the index rising to a four-year high,” he explained.

Excerpted from ThinkAdvisor, August 26, 2014. To view full article, click here

Associated Press: Why Global Turmoil Hasn’t Sunk U.S. Markets. Yet.

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, says the tit-for-tat sanctions between the West and Russia over Ukraine could push the eurozone over the edge. "Unless that is resolved quickly, you could see another recession," he says.

Excerpted from Associated Press, August 15, 2014. To view full article, click here

Financial Times: Wall Street bulls climb wall of worry

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, explains what is needed to incite equity growth. “For equity market growth over the ensuing 12 months, we need to see more earnings driven by organic revenue growth,” says Tom Stringfellow, president of Frost Investment Advisors.

Excerpted from Financial Times, August 15, 2014. To view full article, click here

MarketWatch: Small-cap stocks will likely feel the most pain

Tom Stringfellow, president and chief investment officer at Frost Investment Advisors, offers insight on rising interest rates. “It’s our view that Fed tightening is bullish for equities,” Tom Stringfellow, president of Frost Investment Advisors, wrote in a recent note to clients. For longer-term investors, an analysis on Tuesday by Frost Investment Advisors of market data from 1986 through 2006 shows “stocks rising on average 18% from trough to normalized rates.” Stringfellow clarified that rising rates are good news, as long as the Federal Reserve’s policy decisions are based on economic improvement.

Excerpted from MarketWatch, August 13, 2014. To view full article, click here

Live Mint: US stocks climb on economy; Europe bonds rise on ECB, Ukraine

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the decrease in jobless claims. “You’ve got labour reports coming in positive and a gap in wages starting to fill in, which makes for a more robust consumer,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said in a phone interview. “A more robust economy means an improving earnings picture.”

Excerpted from Live Mint, August 07, 2014. To view full article, click here

Bloomberg News: U.S. Stocks Decline From Records Amid Rate Speculation

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the possibility of the Federal Reserve raising interest rates. “Rates are going to go up before people expect,” Tom Stringfellow, president and chief investment officer of Frost Investment Advisors LLC, said in a phone interview. “And when rates do go up, I expect some sort of a knee-jerk reaction. But I don’t believe for a moment that the Fed’s going to raise rates at a speed that derails this stable environment.”

Excerpted from Bloomberg News, July 07, 2014. To view full article, click here

The Wall Street Journal: Oil Futures Post Weekly Losses

Ted Harper, fund manager at Frost Investment Advisors, comments on the energy industry after the U.S. ruling to allow exports of a form of ultralight oil. "More of a slight modification versus a wholesale change," said Ted Harper, fund manager at Frost Investment Advisors. "I'm not sensing a big sea change in terms of attitudes around the energy industry."

Excerpted from The Wall Street Journal, June 27, 2014. To view full article, click here (subscription required)

The Wall Street Journal: U.S. Stocks Close Mostly Higher

Tom Stringfellow, chief investment officer of Frost Investment Advisors, speaks on Fed Chairwoman Janet Yellen's comments regarding the U.S. economy. "Nothing was said in terms of expectations that surprised us," he said. "There's nothing to say that [the Fed] is going to change anytime soon."

Excerpted from The Wall Street Journal, June 19, 2014. To view full article, click here (subscription required)

Bloomberg News: Energy Bears Retreat as Stocks Post S&P 500’s Best Rally

Ted Harper, fund manager at Frost Investment Advisors, weighs in on energy producers as stocks become more favorable after three difficult years in the S&P 500. “Energy was universally despised and loathed by investors in spite of the fact that valuations were very compelling,” Ted Harper, who helps manage more than $10 billion for Frost Investment Advisors LLC in Houston, said by phone on May 22. “Consistent performance by the companies will eventually erode some of the skepticism. Energy continues to look attractive.”

Excerpted from Bloomberg News, May 27, 2014. To view full article, click here

The Wall Street Journal: Risk Appetite Leaves Gold in the Cold

Ted Harper, fund manager at Frost Investment Advisors, offers insight to investors on the gold market. "Unless you're interested in gold coins or jewelry, there really is not much reason to buy gold right now," said Ted Harper, who helps manage around $10 billion at Frost Investment Advisors LLC in Houston. "There is still room on the downside before prices turn higher."

Excerpted from The Wall Street Journal, May 19, 2014. To view full article, click here (subscription required)

Bloomberg News: Treasuries Irresistible to America's Banks Awash in Cash

Jeffery Elswick, director of fixed-income at Frost Investment Advisors, provides insight on the economy as Treasuries continue to rise from losses. “The economic situation is still not fully bared out and they have to do something with their cash,” he says. “Banks have been big buyers of Treasuries. They need safe assets.”

Excerpted from Bloomberg News, April 28, 2014. To view full article, click here.
*Jeffery’s quote was picked up by MoneyNews.com, May 7, 2014. To view full article, click here.

Bloomberg News: Nasdaq Leads U.S. Stocks Lower After Amazon Results

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the markets amid Russia’s involvement in Ukraine. “The great earnings surprises from some of the big tech stocks haven’t quite been enough to bring down the wall of worry,” he says. “Russian troops are massing up at the Ukrainian border, which is enough to make people nervous about anybody with business activities in Europe. We’ve become sensitive to having too many days of gains, and eventually there has to be a move down.”

Excerpted from Bloomberg News, April 25, 2014. To view full article, click here

The Wall Street Journal: U.S. Stocks End Lower

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, speaks on the importance of owning shares of companies that have growing profits and sales. "Domestic markets are attractive," Mr. Stringfellow said. "The tenor hasn't changed, and more and more people are buying into the idea that the economy is grinding up that hill."

Excerpted from The Wall Street Journal, April 03, 2014. To view full article, click here. (subscription required)
*Tom’s quote was also picked up by Moneynews.com, April 4, 2014. To view full article, click here.

MarketWatch: Investors begin bracing stock and bond portfolios for first rate hikes

Jeffery Elswick, director of fixed income at Frost Investment Advisors, discusses his strategy for the coporate bond market. “Almost the entire sector of the corporate bond market has higher correlations,” to Treasurys, said Jeffery Elswick, fixed income manager at Frost Investment Advisors. So instead of making plays on the entire sector, Elswick said he is, “spending more time with individual idea names.”

Excerpted from MarketWatch, March 27, 2014. To view full article, click here

The Bond Buyer: Fund Managers Eye Economy as They Set 2nd Quarter Strategy

Jeffery Elswick, director of fixed income at Frost Investment Advisors, comments on the macro-economy as a guide in allocation strategy. "Our expectation is that the macro-economy will pick up some momentum heading into the spring," Elswick said. "To the extent we begin to see more tangible improvements in the U.S. economy validating that the recent pull back in economic growth has had more to do with poor weather and less to do with some other type of underlying problems, we would look to lower our average maturity closer to the six to seven-year range." Elswick added."If on the other hand, we unexpectedly see the macro-environment in the U.S. not improve even as the spring rolls around, then we would look to maintain, or even increase somewhat, our current eight-year maturity profile," he said.

Excerpted from The Bond Buyer, March 24, 2014. To view full article, click here

Bloomberg News: Hedge Funds Defy Goldman as Gold Bears Thank Yellen

Ted Harper, fund manager and senior research analyst at Frost Investment Advisors, comments on the bullion market after Federal Reserve Chair Yellen hints on the rise of interest rates in 2015 “The sentiment probably had gotten a little ahead of itself,” said Ted Harper, who helps manage more than $9 billion at Frost Investment Advisors LLC in Houston. “Gold is going to be somewhat problematic from an investment standpoint over the next six to 12 months. We’re probably looking to a relatively higher and quicker increase on rates, which is a headwind for precious metals.”

Excerpted from Bloomberg News, March 24, 2014. To view full article, click here

Bloomberg News: Bond Allocation Probe Seen Symptomatic of Race for Yield

Jeffery Elswick, director of fixed income at Frost Investment Advisors, speaks on the federal investigation into how banks allocate corporate-bond offerings. “Investors aren’t being treated equally,” said Jeffery Elswick, director of fixed-income at San Antonio-based Frost Investment Advisors, which oversees about $5 billion in fixed-income securities. “We’ve had a broker-dealer tell us there’s nothing we can do. We’ve had another say that unless we did much more volume with them in the secondary market, there was very little we could do.”

Excerpted from Bloomberg News, March 04, 2014. To view full article, click here

Bloomberg News: S&P 500 Rebounds to Record as Putin Comments Ease Tension

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, provides insight on the rise of U.S. stocks as tension ease in the Ukraine. “The drop yesterday and the bounce today are indicative of a lot of nervous investors who are trying to rationalize their long positions,” Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors LLC, which manages about $10 billion, said by phone. “Our investment process thesis long-term has not changed. I am still an optimist that GDP growth will be higher than what downward revisions are. There are underpinnings in the economy that are churning along.”

Excerpted from Bloomberg News, March 04, 2014. To view full article, click here

Wall Street Journal: S&P 500 Marches Higher to Record Finish

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, comments on the holding pattern among investors, amid the market rally end-of-February. "We're probably going to have to see a few quarters of positive banners [on the economy] for investors sitting on the sidelines to come back into the market," said Tom Stringfellow, chief investment officer at Frost Investment Advisors, with $9.9 billion in assets under management. "We have stocks to buy, if we get cash coming in," Mr. Stringfellow added. "But I have not seen any type of wholesale movement out of cash into the market at this time."

Excerpted from Wall Street Journal, February 27, 2014. To view full article, click here (subscription required)

The Wall Street Journal: Stocks Sink as Investors Retreat from Risk

Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, weighs in on the stability of emerging markets after interest rates increased in Turkey and South Africa. “It's certainly one of those unsettling events,” said Tom Stringfellow, chief investment officer of Frost Investment Advisors, which manages $10 billion. The fund has a small allocation to emerging markets, and he said the firm hasn't decided if it will cut back.

Excerpted from The Wall Street Journal, January 29, 2014. To view full article, click here (subscription required)

Barron's: Markets Trot to Eighth-Straight Weekly Gain

"The other factors that normally influence stock prices, like inflation, profit growth, economic expansion, and housing, appear to be in decent shape," says Tom Stringfellow, president of Frost Investment Advisors."I don't see a lot of negatives out there besides that the market is at an all-time high."

Bloomberg Businessweek: U.S. Stocks Drop on Default Concern Amid Budget Deadlock

"The economy is too fragile if they push to the limit" on the debt ceiling, said Tom Stringfellow, president and chief investment officer of San Antonio-based Frost Investment Advisors. "I suspect the central bank will continue with the channels and volume they’ve been going through for the last several years."

Excerpted from Bloomberg Businessweek, October 07, 2013. To view full article, click here

CNNMoney: Stocks Break Five-Day Losing Streak

Despite all the squabbling, investors largely assume that lawmakers will reach a last-minute deal. "Expectations are that a stop gap budget will once again be proposed and approved," said Tom Stringfellow, chief investment officer at Frost Investment Advisors.

Excerpted from CNNMoney, September 26, 2013. To view full article, click here

The Wall Street Journal: Stocks Are Seen Braced for a Fed ‘Taper’ – But Vulnerable to Surprises

"My guess is that they don't say that they're methodically going to withdraw from the support of the financial markets," said Tom Stringfellow, president of Frost Investment Advisors, which oversees $9.5 billion in San Antonio, Texas. "You put a program in place, and you give yourself an exit in case there are signs of a slowdown."

Excerpted from The Wall Street Journal, September 17, 2013. To view full article, click here (subscription required)

MarketWatch: Treasury Yields Cap Longest Climb in Two Years

"It's pretty transparent that ETFs, certainly in the rates market, have had to sell securities," said Jeffery Elswick, director of fixed income at Frost Investment Advisors. "When we’ve seen some of the ETFs or mutual funds sell, it translates into lower prices pretty quickly."

Excerpted from MarketWatch, August 30, 2013. To view full article, click here

Barron's: Another Week, Another Record for Dow, S&P

Ted Harper, fund manager at Frost Investment Advisors, provides his insight on stocks with increasing dividends.

Barron's, July 13, 2013. To view full article, click here (subscription required)