Commentary and Research Papers
2025
2025
Stocks were strong in May, driven by easing trade tensions, lower-than-expected inflation readings and increasing investor optimism. After bottoming in mid-April, when the S&P 500, NASDAQ and the Russell 2000 all entered bear market territory of -20% from their highs, stocks have been on a tear. The S&P has risen 22% off of its intraday lows in April, the NASDAQ +29% and the Russell 2000 +19% through the end of May. Once again, those bearish market-timing commentators shouting “sell!” in the midst of trade uncertainty and oversold market conditions in mid-April have been proven wrong, while investors with a patient, fundamentally driven posture were proven right….at least through the end of May.
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2025
2025
Sell in May and go away? Not this year. The market reacted positively to “revised” tariff demands and earnings results were better-than-feared. Small capitalization indices (and the Pinnacle SCV portfolio) are still down year-to-date, but the market had a good month. The portfolio was up strongly, benefiting from overall good earnings and, specifically, from a rebound in energy/AI/datacenter interest. We continue to believe that expectations for small capitalization value stocks remain (highly) muted.
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Commentary and Research Papers
2025
2025
The offshore drilling industry is entering a new phase. While energy investing has largely centered on shale over the last decade, the next wave of production growth is offshore — longer-cycle, capital-intensive, and increasingly economically viable given oil price trends. R. George Pickral’s latest interview with @Phil Rosen, Co-Founder of @Opening Bell Daily, takes a look at a capital-intensive energy stock that’s positioned for durable pricing power. Read more here (subscription required)
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2025
2025
Wines are interesting because some are best consumed immediately while others can go decades and improve with age. Given the constantly shifting market dynamics, this letter is like a wine that is best consumed immediately. We’re in the camp that the tariff proposals and inflationary pressures are hurting the economy in the second quarter and could cause a recession. Still, there are potential, albeit risky, glimmers of hope for the economy in the second half of the year, but the window of opportunity may be narrowing.
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2025
2025
Jack Bocock, Portfolio Manager on Pinnacle Associates’ Small Cap Value team, breaks down the powerful forces reshaping the global energy sector and what it means for investors in Pinnacle’s latest podcast. From the rapid rise of renewable energy and sustained momentum in natural gas, to the renewed focus on offshore drilling and oil’s surprising resilience, he offers insights into where the energy markets are headed. The interview is based on Pinnacle’s latest white paper, “Investing in the Energy Sector: Finding Opportunities in a Changing World,” and explores how investors can navigate volatility, identify hidden value, and capitalize on emerging trends across the energy spectrum.
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2025
2025
April was a historically tumultuous month in the financial markets. The month started off with President Trump’s “Liberation Day”, which saw the announcement of sweeping tariffs on imports from trading partners throughout the world. With some tariffs reaching as high as 145% (China), these would be the steepest US tariffs imposed in over 100 years.
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Founded in 1984, Pinnacle Associates, Ltd. is a forward thinking, multi-billion dollar investment advisory firm focused on transparency and putting clients first. We provide advice to individuals and families, institutional investors and other financial institutions.
