Chief Investment Officer | Johnson Financial Group
As Chief Investment Officer, Brian Andrew leads Johnson Financial Group's investment strategy to provide consistent, actionable investment solutions for our clients.
4 minute read time
The Masters golf tournament, as its name suggests, is played by the best talent golf has to offer. During the tournament last weekend, I couldn’t help but think about the change in leadership of golf’s greatest players. Among those were Gary Player, Jack Nicklaus and Tom Watson—players I grew up with—teeing off from the honorary tee box to open the tournament. And then there was Tiger Woods, struggling to get through four rounds to finish the tournament at 47th.
The winner, Scottie Scheffler, has been on tour since 2018 and never won a Major. He sure won this weekend, by a three-stroke margin. Cameron Smith, who tied for third after staying in contention until Sunday’s round, recently won The Players Championship at Sawgrass. These are not household names…yet. Given their top-10 rankings though, they likely represent the future leadership of the PGA tour.
Global markets are exhibiting a change in leadership as well. Thinking about how the leadership transition takes place and affects portfolio construction is important.
This chart reflects the U.S. trade deficit, month by month, in billions of dollars. You can see that the trend line is down, which means the deficit has been getting worse for most of the last 20+ years. The March deficit is likely to exceed $90 billion. This deficit means that we import more goods and services from other countries than we export.
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