---
title: Federated Investors - March Madness
description: Download Federated Investor's weekly update for commentary on the election, potential inflation and more on the market volatility.
image: http://www.wrapmanager.com/hubfs/MM_Logo_Images/Federated_Investors.jpg
---

[![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/)

The Money Manager People TM

[800-541-7774](tel:+18005417774)

[![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5)

[![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2)

[Home](https://www.letsassemble.com/)

WrapManager's Wealth Management Blog

When life changes, we can help you thoughtfully respond.

[< Back to read another post](https://www.letsassemble.com/wealth-management-blog)

# Federated Investors - March Madness

Posted by [ WrapManager's Investment Policy Committee](https://www.letsassemble.com/wealth-management-blog/author/wrapmanagers-investment-policy-committee)  
 March 29, 2016

- [Tweet](https://twitter.com/share)

![Federated_Investors.jpg](http://www.wrapmanager.com/hubfs/MM_Logo_Images/Federated_Investors.jpg "Federated_Investors.jpg")

Federated Investors' Senior Equity Strategist, Linda Duessel comments on the election, market volatility, stabilization in the U.S. Manufacturing sector and more in her Weekly Update.

**"This was a meeting-packed 5-day mad race** crisscrossing North Carolina, with visits in Charlotte, Winston-Salem, Greensboro, Raleigh, Wilmington back to Raleigh…then Winston-Salem and finishing in Lake Norman. Everywhere we went the weather was perfect, the food was fabulous and the advisers and end clients were so welcoming. We were there on Tuesday’s primary election date. People were mostly amused by this madcap political season. An adviser in Greensboro suggested that once the nominees are selected, their debate should be pay per view. “It would be unbelievable…huge!” Certainly over the weekend the political rhetoric and menace reached a fever pitch and yet, somehow investors are not concerned. Trump is to blame, MoveOn is to blame, Congress is to blame…take a number. How this isn’t a bigger overhang on stocks is beyond me.As Strategas points out, while the S&P is rallying, internals were tepid with 3 to 1 declining stocks vs. advancing stocks. Small-caps were particularly weak, underperforming by more than 150 basis points on poor breadth. Over the last week, small-caps have failed to keep pace and have already given back roughly half of their recent outperformance since the February lows. The 200-day moving average for the S&P is 1999, and because we are above that the technicians are all bullish now. But we still see the market stalling around 2000.

**Tuesday was also March 15—the Ides of March—**best known as the date on which Julius Caesar was assassinated  
in 44 B.C. Now, the biographer Suetonius wrote that Caesar suffered from a receding hairline, about which he was very sensitive. His enemies were said to have made the most of this, constantly making fun of his baldness. He was said to enjoy wearing the laurel wreath (no baseball caps at that time, obv) because it hid his hair loss, and he also combed the thin strands of his hair forward (no hairspray in those days, obv). A seer had warned Caesar that harm would come no later than the Ides of March. On his way to the Theatre of Pompey, where he would be assassinated, Caesar passed the seer and joked, "The Ides of March are come," implying that the prophecy had not been fulfilled, to which the seer replied "Aye, Caesar; but not gone." "Et tu, Brute?" a Latin phrase meaning "You too, Brutus?" purportedly were the last words of Caesar to his friend Marcus Brutus. The quotation is widely used to signify the utmost unexpected betrayal by a person, especially a friend. Although the U.S. Supreme Court has designated corporations as individuals, it’s still not a great idea to think of them as friends. If you did, you might be looking out for Brutus, too, with their massive buybacks to boost their stock prices, because households have $17.9 trillion of equity holdings. The main reason stocks have done so well this cycle is that corporations continue to be huge buyers, says Ned Davis. This cannot be emphasized too much. Historically, the market rewarded companies that bought back their own stock near the bottom of the cycle and once that had passed the interest turned toward organic growth. That’s not been the case this time around and the payoff from buybacks has held up, as it’s seen as the least of the capital allocation evils. Someday the era of bountiful free cash flow will end, it just doesn’t look like it’s going to be any time soon. Et tu, S&P?

**We cautioned advisers the market likely** will be volatile through the spring and that perhaps we will reach the 20%  
decline from the May 2015 high that would be a cyclical bear, but still within a long-term secular bull." Download below to read full report.

To learn more about Federated Investors and other Money Managers, give us a call at [1-800-541-7774](tel:+18005417774) or [contact us here](http://www.wrapmanager.com/contact) to speak with one of WrapManager's Wealth Managers.

![pdficon.gif](http://www.wrapmanager.com/hs-fs/hub/10700/file-2346359955-gif/blog-files/pdficon.gif "pdficon.gif") [Download Federated Investor's full commentary here](http://www.wrapmanager.com/hubfs/MM_Commentary_PDFs/Federated_March_2016_Commentary.pdf)

![icon_report.gif](http://www.wrapmanager.com/hs-fs/hub/10700/file-2346359965-gif/blog-files/icon_report.gif "icon_report.gif") [Request free research reports from Federated Investors](http://www.wrapmanager.com/money-manager-research/federated_investors_inc)

[Economic/Market Outlook](https://www.letsassemble.com/wealth-management-blog/topic/economicmarket-outlook) [Federated Investors Inc](https://www.letsassemble.com/wealth-management-blog/topic/federated-investors-inc)

[![get money manager picks](https://no-cache.hubspot.com/cta/default/10700/d72d98dd-a24b-41d8-9276-e1648f3b09d3.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/d72d98dd-a24b-41d8-9276-e1648f3b09d3)

### Subscribe to Updates

[Subscribe to RSS Feed](https://www.letsassemble.com/wealth-management-blog/rss.xml)

[![New Call-to-action](https://no-cache.hubspot.com/cta/default/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf)

### Most Recently Published

### Blog Authors

[![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)  
[Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[**Valerie De Vol, **IACCP®  
Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[**Seton McAndrews, **CFP®  
](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

**[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA®  
](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

![Katie - square.png](https://www.wrapmanager.com/hubfs/Katie%20-%20square.png "Katie - square.png")

[**Katie O'Connor  
**Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor)

**Important Disclosure Concerning WrapManager Blogs**

Blogs found at this site have been created or supported by WrapManager. The information provided in a blog post prepared by WrapManager or an associated person of WrapManager is generally limited to financial and economic issues, but may include a discussion of general interest items. The views and opinions expressed on this blog are purely the blog authors, and not necessarily those of WrapManager, Inc. Certain blog posts include information pertaining to WrapManager’s investment advisory services and the products and services of unaffiliated money managers. Such information is provided for information purposes only. Accordingly, information provided in a blog should not be construed by any consumer and/or prospective client as a solicitation to effect or attempt to effect transactions in securities or the rendering of personalized investment advice. Any subsequent, direct communication by WrapManager with a prospective client shall be conducted by a representative of WrapManager. Moreover, no client or prospective client should assume content contained on the website serves as a substitute for personalized advice from WrapManager. Different types of investments involve varying degrees of risk, and there can be no assurance that any investment, portfolio or money manager referred to within the blog will be suitable for your individual situation and risk tolerance or will be profitable. WrapManager recommends that you retain a financial professional to provide you with specific guidance regarding your financial situation before investing. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested.

Although the information included in the WrapManager, Inc. website and blog has been obtained from sources WrapManager believes to be reliable, we do not guarantee its accuracy and information may be subject to change without notice. This website should not be regarded as a complete analysis of the subjects discussed. Information on this site should not be relied upon as a substitute for legal, tax or accounting advice by a professional in your local jurisdiction.

Comments made by third parties are subject to moderation by WrapManager and may not appear on this blog until they have been deemed appropriate for posting. Also, due to the volume of comments received, not all comments will be posted.

WrapManager does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party website linked to WrapManager's web site or incorporated within a blog post. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

 

 

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "WrapManager's Investment Policy Committee",
    "url" : "https://www.letsassemble.com/wealth-management-blog/author/wrapmanagers-investment-policy-committee"
  },
  "datePublished" : "2016-03-29T17:27:00.000Z",
  "headline" : "Federated Investors - March Madness",
  "image" : [ "http://www.wrapmanager.com/hubfs/MM_Logo_Images/Federated_Investors.jpg" ],
  "mainEntityOfPage" : {
    "@id" : "https://www.letsassemble.com/wealth-management-blog/federated-investors-march-madness",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://www.letsassemble.com/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png"
    },
    "name" : "Assembly"
  }
}
```