Mainebiz

V O L . X X V I N O. I JA N UA R Y 1 3 , 2 0 2 0 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E each received $65,408 to support ef- forts to develop and preserve afford- able housing and services for persons with disabilities in Franklin, Penobscot, Piscataquis and Knox counties. Katie Shorey, who heads the entrepre- neurs volunteer group Startup Maine and recently served as innovation pro- gram manager for WEX Inc., has joined Live + Work in Maine as director of engagement. In her new role, Shorey will work with Executive Director Nate Wildes to advance the business advocacy group's mission of attracting young professionals to the state. Prior to joining WEX earlier this year, Shorey worked for Peoples' United Bank. U.S. Sens. Susan Collins and Angus King announced that the U.S. Department of Health and Human Services awarded $1.5 million in funding to Greater Portland Health in Cumberland County and $635,688 for Sebasticook Family Doctors in Piscataquis County. Dailies to eliminate Monday editions e Portland Press Herald is among four daily newspapers owned by Masthead Media that will eliminate Monday print editions as of March 2. e Press Herald, Kennebec Journal in Augusta, Morning Sentinel in Waterville and Sun-Journal in Lewiston will have six daily print editions beginning in March, with the con- tent for Mondays published digitally, Masthead CEO Lisa DeSisto told readers in an article published in the newspapers. It is a cost-saving measure that would eliminate high production and distribution costs for those days. N O T E W O R T H Y S O U T H E R N Kennebunk Savings donated $75,000 to support of the William Fogg Library expansion project, a redesign of the Four developers awarded $14.5 million from senior housing bond — It's been nearly 5 years since the bond was approved by voters New center will help startups in Aroostook, Washington counties — We'll be watching this with interest Maine craft breweries get a break with extension of federal excise tax — Fueling growth in a growing industry Katie Shorey joins Live + Work in Maine — A shot in the arm for Maine's effort to attract new residents Four Maine newspapers to eliminate Monday print editions — Don't like it, but totally get it Maine among four states where deaths outnumbered births in 2019 — Joining West Virginia, New Hampshire and Vermont Sears store in Fort Kent prepares to close its doors — A familiar story in Aroostook Cole Farms, a dining destination in Gray for nearly 70 years, to close — Say bye-bye to the "Bub Guy" pizza (with apple- wood smoked bacon, pepperoni, house meatballs, roasted red peppers, italian sausage) C R E D I T S & D E B I T S Wealth management experts offer 2020 economic and market outlook B y R e n e e C o r d e s After last year's global market rally and three interest rate cuts by the Federal Reserve, how will the economy and financial markets perform in 2020? Mainebiz put that question to experts at four wealth management firms. Here's what they told us. Continued positive outlook David Robinson, senior financial adviser and managing member, Robinson Smith Wealth Advisors LLP / "Corporate earn- ings look solid for now, and central banks across the world lean toward pro-growth monetary policies. The U.S. Fed has paused but will lower rates again if the economy starts to falter. It's essential that investors not become complacent, that they make sure their investment strategy is appropriate for their individual situation and that it is 'all-weather' sound. Forecasting the future is difficult, to say the least, and I'll take a sensible investment strategy any time over a crystal ball that could malfunction when most needed." U.S repo rate among worries Jessamyn Norton, chief investment offi- cer, Spinnaker Trust / "Nearly all asset classes begin 2020 with over-optimistic investor sentiment and full valuations. While 2019 broadly saw investor flows into bonds rather than equities, this reversed course in November in an end- of-the-year pivot into risk assets. Our list of worries includes the repo rate in the U.S., the economic cycle in China, a spike higher in inflation, contracting profit margins and share buy-backs, worsening hiring and jobs' data and, of course, developments related to the U.S. presidential election. This past decade coming out of the global financial crisis was the only one in market history in which the unem- ployment rate fell each year and that did not have a reces- sionary period. That will certainly not be the case for the coming decade; however, we do not believe that there will be a recession in 2020. On the contrary, we expect global eco- nomic data and corporate earnings to improve thanks to a weakening U.S. dollar, a peak in trade tensions with China and the steady accommodation of global central banks. " Slower growth but still positive Tom Manning , CEO, F.L. Putnam Investment Management Co. / "We believe overall economic growth in 2020 is likely to be slower than 2019, but still positive. Under the surface, we expect significant investment opportunities to appear in 2020 as the political cycle drives greater volatility and market rota- tion. While the risk of recession has declined, we still believe we are in the later stages of the business cycle, which is consistent with the flat yield curve and unusually low unem- ployment rate. However, the late stages of the business cycle could stretch on for years in a slow-motion, elongated fashion similar to the rest of this business cycle. Fiscal and monetary stimulus are likely to continue and increase the probability of this outcome. We remain cautiously optimistic on the prospects for the economy in 2020 for the moment, but with significantly less optimism for historical average returns across financial markets." Potential for volatility Abby Psyhogeos, wealth manager and managing director, Boston Financial Management / "As we begin 2020, there are a number of signs that suggest the U.S. is in the latter stages of an economic expansion that started over 10 years ago. The additional uncertainty raised as a result of trade and politics increases the potential for volatility. Yet we all know that market sentiment can be very fickle and is notoriously hard to predict. At Boston Financial Management, we strive to build portfolios of companies with attractive economics — companies that have a demonstrated history of stable and growing cash flow, high returns on investment capital, lower leverage and competitive advantages that suggest sustain- able profitability well into the future." B R I E F C O U R T E S Y / RO B I N S O N S M I T H W E A LT H A DV I S O R S L L P C O U R T E S Y / S P I N N A K E R T R U S T P H O T O / J I M N E U G E R C O U R T E S Y / BO S TO N F I N A N C I A L M A N A G E M E N T We believe overall economic growth in 2020 is likely to be slower than 2019, but still positive. — Tom Manning F.L. Putnam S O U T H E R N

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