Friday, January 27, 2023
Flip on any TV business program, and you are likely to hear a stock market debate that is tightly linked to forecasts of the future. The typical setup is an optimist versus a pessimist, with the debate focusing on inflation, the Federal Reserve, economic growth, and so on. Each proponent makes a forecast and then follows with investment advice that is tightly linked to their outlook. Adding a third debater who shrugs his or her shoulders when asked for a forecast would make for terrible TV, but in our minds, that would be a useful addition to the debate. Embracing uncertainty leads investors away from portfolios tailor-made for specific scenarios and towards solutions that control risk and offer likely returns, even in volatile times.
Read the 4Q 2022 Quarterly Report: Embracing Uncertainty ►
Gregory Powell, PhD, oversees the Portfolio Management Team. Greg is the designated lead or co-lead Portfolio Manager on the firm’s core strategies. In addition, he holds a position on Miller/Howard’s Executive Committee. Greg joined Miller/Howard in 2017 and served as a portfolio manager and Deputy Chief Investment Officer. He was promoted to CIO in 2020, after the retirement of founder Lowell Miller. Prior to joining MHI, Greg had a distinguished 19-year career as a portfolio manager and director of research at AllianceBernstein. At AB, he managed a team of 12 analysts and a suite of products with $11 billion in AUM. He also served as head of fundamental value research there, redesigning the analyst role with an emphasis on investment success and training analysts in all aspects of the position. He holds a BA in Economics/Mathematics from the University of California Santa Barbara, and a PhD and MA in Economics from Northwestern University.