In The News

In The News

 

Fox Business News

May 10, 2019

"Cavuto: Coast to Coast" – On Cavuto’s recent Fox Business program, Managing Partner of Mayflower Advisors Larry Glazer spoke about the “global implications of what we’re seeing today in Washington” in relation to tariff hikes on goods from China. For investors, this has been met by massive outflows and a sellout of major market averages. However, this will also have a great impact on businesses and American consumers who were unprepared for these changes. Businesses, says Glazer, can “absorb the first 10% tariff hike” by cutting into profits. A raise to 25%, however, will push the burden onto consumers. This is not merely an issue of Apple selling to China. These tariffs will increase prices of everyday goods from Walmart and Amazon, causing a cut in consumer spending, and potentially slowing the economy.

 

Fox Business News

April 12, 2019

"Cavuto: Coast to Coast" – Managing Partner of Mayflower Advisors Larry Glazer commented that “animal spirits are back and alive today.” This is not caused, however, by good expectations for the earnings season. Instead, other factors are bringing back investor confidence, including some return to value and banks outperforming the low expectations investors had for them. For earning to continue to grow, Glazer believes that it begins with the “global growth story,” in particular with China. Since their government frequently manipulates their economy, he says to “never underestimate China’s ability to stimulate their economy,” something which they have accomplished in the past by constructing entire empty cities. In the meantime, Glazer encourages investors to look beyond the “IPO craze” that is distracting them from better opportunities in important sectors like energy or financials.

 

CNBC

April 2, 2019

"Futures Now" – Although a strong IPO pipeline is typically seen as a good sign for the market, in recent CNBC interview Managing Partner of Mayflower Advisors Larry Glazer called the current “tech tidal wave” an “ominous sign for the market.” Reiterating his belief that this is the “year of the unicorn IPO,” the numerous enormous companies going public (Lyft, Uber, Airbnb, Pinterest) are exciting, but they can be frightening for the rest of the technology sector. “Shiny new toy comes at an expense,” says Glazer, by requiring portfolio members to clean out some of their older tech stocks. He urges investors to be patient for profitability, recalling how companies like Facebook struggled in their early days. The closed IPO window during the government shutdown created pent up demand so the market might be overwhelmed by all these openings. Following a complete turnaround from late 2018, Glazer will be keeping an eye on other opportunities that are getting passed over because of this excitement over tech.

 

Yahoo Finance

March 1, 2019

"The Ticker" – On Yahoo Finance’s recent episode of The Ticker, Managing Partner of Mayflower Advisors Larry Glazer took a bearish stance on technology stocks, citing concerns over how technology had become a “disproportionate percentage of the market” in late 2018. Those are the same conditions, he says, that led to the financial crisis and make markets vulnerable to correction. Glazer calls 2019 “the year of the unicorn,” looking forward to some exciting IPOs and new supply hitting the market. It will not be good, however, for existing tech stocks as they struggle to absorb that change. There are “tremendous opportunities” elsewhere to look out for in financials, energy, and emerging markets.

 

CNBC

January 17, 2019

"Futures Now" – Countering worries about the government shutdown, Managing Partner of Mayflower Advisors Larry Glazer asserts that the Washington gridlock can be bullish for stocks. While he acknowledges the harm to federal employees, investors actually tend to like less government involvement. Looking forward to the rest of the year, however, he does worry that companies will use the shutdown and China trade issues as “excuses to sandbag earnings and lower future forecasts” during earning season. Glazer advises investors to seek opportunities in areas that did poorly in 2018, such as small-caps or emerging markets. A changing political environment along with a more dovish Fed may be more favorable to those areas. He also reminds investors that Washington is not the center of the economy. “Small-cap Main Street America is resilient,” so he is keeping an eye out for the next FAANGs.

 

Market Watch

January 10, 2019

"MW Personal Finance" – Speaking to Brett Arends of MarketWatch in a recent interview, Managing Partner of Mayflower Advisors Larry Glazer commented on December’s “market meltdown.” The stock market drop happened quickly and Glazer says that “some investors couldn’t handle this volatility.” He recalls clients, particularly retirees, calling him earlier in the year, seeking to move their investments into the big tech FAANG stocks. While these stocks might have looked appealing, their previous high rates of growth are likely not sustainable. Market timing is key, and failure to notice this is a big mistake often made by investors in low-cost funds. Bad timing can end up costing investors more than what they save on fees so it’s important not to jump ship at the first sign of volatility. Glazer thinks that December lows will act as a “resetting of expectations.”

 

CNBC

January 3, 2019

"Closing Bell" – Trade tensions with China will affect more than just Apple, says Managing Partner of Mayflower Advisors Larry Glazer. With an overnight shift in Yen, he calls it the “tip of the iceberg” and an example of how relations with China are affecting the markets more noticeably than the Fed. During this time of being “heavily reliant on indexing,” Glazer notes that changes in Apple’s stock prices will affect large portions of the S&P 500, the Nasdaq, and the Dow, meaning that many investors will be affected as well. If trade issues are resolved, Glazer hopes investors can go back to focusing on the rest of the economy, such as realizing that the “bond bubble” everyone was worried about never really happened. Another worrisome aspect he notes is the practice of “dumping and jumping,” where investors tried to move everything into the FAANG stocks when they would have been better off staying the course. If they had not panicked, says Glazer, “the pain might not have been so bad.”

 

Fox News

December 31, 2018

"Your World" – Managing Partner of Mayflower Advisors Larry Glazer spoke about uncertainty in the new year on a recent episode of Cavuto’s Your World. Although headlines are proclaiming fear, Glazer explains that this uncertainty is “man-made and manufactured.” Theatrics in Washington, he says, do not reflect the good aspects of the market that actually effect Main Street America including low unemployment, higher savings rate, and low gas prices. Although he wishes that issues like trade would have been resolved by now, he remains optimistic for the beginning of 2019. Glazer explains that “confidence was a little bit too high” but that the pendulum has now swung in the opposite direction. By “betting on Main Street,” investors can find some opportunities. If there is a slight deceleration coming to the market, he reassures that “not every recession is a financial crisis.”

 

CNBC

December 17, 2018

"Squawk on the Street" – Commenting on Doomsday-like stock market predictions, Managing Partner of Mayflower Advisors Larry Glazer urges investors to have a broader focus and move away from conspiracy theorists. The reason the market has even gotten to this point, he says, is through the “death of fundamental analysis.” Investors are choosing to avoid the hard work of research, hoping that they would be able to hide from a possible global recession behind small caps. Glazer notes that research is fundamental because it’s important to focus on what you can control amidst the uncertainty of the Fed or of the federal government. When pushed on how the Fed’s decisions will affect the market, Glazer says that “it’s not the action, it’s the tone.” Regardless of whether they choose to cut or raise rates, their rhetoric will set the stage for the next year and will determine confidence levels.

 

Fox Business News

November 13, 2018

"Cavuto: Coast to Coast" – Managing Partner of Mayflower Advisors Larry Glazer joined Fox Business anchor Connell McShane to discuss the 12 consecutive days of oil prices dropping. Glazer first notes that lower energy prices are a good thing from the consumer perspective because it means more disposable cash during the holiday season. However, it can also be an “ominous signal about global weakness.” As it’s a fairly new concern, oil prices could be moving for a number of reasons, but can be considered a “metric for global risk.” However, he says, excess supply is probable so it is likely not domestic weakness. In addition, natural gas gives a “clear picture that the U.S. consumer has been in really good shape,” a good sign considering that consumers account for two-thirds of the U.S. economy. Glazer reminds investors that matters are different outside the U.S. so geopolitical considerations have important effects on the market. He concludes that a trade deal with China is necessary to stop or slow these declines in price.

 

Fox News

November 12, 2018

"Your World" – On Neil Cavuto’s recent program, Managing Partner of Mayflower Advisors Larry Glazer talked about the stock market plunge related to a “post-election digestion.” The investor psychology, he says, is very fragile, and their concerns can spread to the general market. While big tech names like Apple might be taking a dip, it is necessary to “maintain the small business confidence” because it remains the “backbone of the economy.” He notes that fixing the dysfunction in Washington can be a key aspect of keeping the markets on track. If they can prevent a traffic jam from becoming a gridlock, the market can move forward. Glazer also remarks that there are no signs of recession, hoping to keep it that way. Pointing to a silver lining, he also mentions a decline in oil prices which investors can appreciate in the upcoming holiday season.

 

CNBC

October 31, 2018

"Squawk Alley" – With some of the big-cap tech stocks going down as much as 20%, accompanied by anti-trust concerns, Managing Partner of Mayflower Advisors Larry Glazer gave his bearish stance on the FANGs (Facebook, Amazon, Apple, Netflix, Google/Alphabet Inc). The Halloween market rally, says Glazer, was motivated by investors looking past the “spooky headlines” and realizing that there is much more to the economy than a couple big tech names. Furthermore, he states that the idea of divergence, meaning that a small segment of the economy can do well while rest of the world does poorly, is a “fairytale.” The rally, therefore, is a market recovery as it cools down from the sugar high that was caused by too much good news. Glazer also stresses that investors should be doing their due diligence when it comes to tech stocks, hoping that investors will realize that stock specific research is necessary to address issues like cyclical differences.

 

CNBC

October 16, 2018

"Power Lunch" – On a recent CNBC interview, Managing Partner of Mayflower Advisors Larry Glazer assured investors that a little market anxiety is “good when well-placed.” With a “laundry list” of issues hurting the market, including trade in China, rising rates, and concerns over the composition of the market, Glazer calls this a “mid-life crisis market.” In a mid-life crisis, however, people tend to act irrationally. Therefore, he advises against everyone running straight to the major market averages, which would only create more volatility. At this point in the market cycle, he says it’s time to get used to increased volatility and focus on “all the good things going on in the economy,” such as cheap international valuations, tech names becoming more valuable, and the tight labor market. It’s now an “opportune time for investors to re-balance portfolios.”

 

CNBC

September 14, 2018

"Power Lunch" – Managing Partner of Mayflower Advisors Larry Glazer appeared on CNBC’s Power Lunch to discuss increasing concern over China. While U.S. markets continue to perform well, Glazer challenged those he considers “fake bulls,” who ignore emerging markets. In a real bull market, he says, you would “recognize that we’re in a global economy” and look for opportunities outside the U.S. Now accounting for only about 25% of global GDP, times have changed, and “real bulls” should always be looking abroad and recognizing the effects that EMs will have on Wall Street, leaving the fake bulls behind that are too focused on the S&P 500 and the Nasdaq. As the fall is “historically volatile,” he advises to be cautious about major market averages and look for activity in China.

 

 

These excerpts from interviews in which the Financial Advisor participated. You may contact us to receive a copy of the full interview(s). The views expressed by the Financial Advisor are his own and do not necessarily reflect the opinion of Wells Fargo Advisors Financial Network or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Additional information is available upon request.

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