Heading1 Here's a look at the trends that could influence the muni market in the coming year. 

Heading2 Here's a look at the trends that could influence the muni market in the coming year. 

Heading3 Here's a look at the trends that could influence the muni market in the coming year. 

Heading4 Here's a look at the trends that could influence the muni market in the coming year. 

Heading5 Here's a look at the trends that could influence the muni market in the coming year. 
Heading6 Here's a look at the trends that could influence the muni market in the coming year. 

Numeric Text 0.00% Here's a look at the trends that could influence the muni market in the coming year. 

Para1 Here's a look at the trends that could influence the muni market in the coming year. 

Para2 Here's a look at the trends that could influence the muni market in the coming year. 

Para3 Here's a look at the trends that could influence the muni market in the coming year. 

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Narrator: This is Lord Abbett's Portfolio Commentary.

Mike Weldon: This is Mike Weldon, Partner and Director of Marketing at Lord Abbett. Joining me today is Tom O'Halloran, Partner and Director of Small and Multi-cap Growth investing. Tom, you and your team have identified six growth rivers for investing in today's environment. Really exciting stories there. I'd like to narrow in on the first one now and that is digitization. So the first question is what is it that you mean by the digitization of society?

Tom O'Halloran: By that, Mike, we're referring to the growing influence of the computer and the Internet in our society. You know, whether you look at the number of cell phones people are walking around with, which are really called smartphones nowadays, whether you consider the way people are paying their bills online, or whether you simply consider just how often people are on the computer relative to what they used to be, the fact is that the digital world, which has all of this information and can store it and repeat it and release it as needed, is a growing part of the lives we live and of the companies that are a part of our economy and the world economy.

Mike Weldon: Okay. And so what is so transformative about this?

Tom O'Halloran: Well, I think it saves a tremendous amount of time and money and creates much greater possibilities. I think that you and I are much more functional as partners at Lord Abbett by--when we have a smartphone in our hand and we?re on the road, for example, and we're really never out of the office because we have that.

I think that businesses out there have much better software today, much more diverse and varied types of specialized offerings, and software that looks a lot better because of this growing digitization of society. And clearly, people--consumers--have much more at their disposal when you consider things like YouTube, where they can watch videos, when you consider all that they can do on their smartphones and the way they can be connected with social networks. Now, this is not to say that all of this is good, but it certainly opens up great possibilities for the future if it is used properly.

Mike Weldon: So Tom, one of the things that has some people concerned--you know, everything out there on the cloud--is security. How do we address that?

Tom O'Halloran: Well, that's a big concern because, if all of our information is out of there and if it gets into the wrong hands, then it can be used to create financial and other types of harm for us. And--but this is giving rise to tremendous growth opportunities for security companies. So I would say that security companies are one of the biggest beneficiaries of cloud computing because of the pressing demand for making that information safe out there. So we think that this is an opportunity for us as growth investors.

Mike Weldon: So you and your team have talked about the growth engines--within digitization. So can you give us some more detail on what those are?

Tom O'Halloran: Yeah. We see five big growth engines that the Internet has given rise to, and it's really quite incredible what the Internet has done. It really didn't exist as the Internet until 1996, and, if you looked at it in its first ten years of existence, if you did a geographical look of it on Google, for example, it looked like a cobbled-together web of connections that didn't have any order to it.

Yet an enormous e-commerce business was built up by several companies. The hosted software revolution came along and gave rise to very big software companies; and social networks came on the scene, and, even though they weren't around ten years ago, people are spending a sixth of their time on them online nowadays.

Fourthly, the communication network and the telecom network are combined with the Internet to create a mobility boom, so we have over a billion smartphones sold every year. We have the conversion of what used to be just analogue or sound-wave information into digital form, where it can be stored and accessed when needed and transferred when needed, and, really, these four businesses became so big that the Internet was overwhelmed with the complexity, and this has given rise to cloud computing, which is--the fifth big river--a fifth big growth engine of the Internet and digitization.

And cloud computing is really upgrading all of the other big growth engines of the Internet, making them more functional, faster, more susceptible to being improved upon, and, with regard to cloud computing and hosted software, in the background here is the economic concept of the single point of reference. As the dollar made economies much bigger because it took us past barter, where we had one point of reference, the dollar bill, hosted software upgraded software, made it more diverse and varied for the various users because it's now in one place on the Internet where it can be accessed. And thirdly, the cloud has all of the information in one place where it can be improved upon. So things got so complex that it didn't make sense for you and I to pull all the information off of our individual--either--smartphones or personal computers or laptops. It now all resides on the cloud, which makes all of it work better and opens up huge possibilities.

So we, as growth investors, have to think about what could be possible. And as we look at the digitization of our society, while some may say this is too much information and people are spending too much time on it, we take the view that humanity will get it right and make it worthwhile and it will open up huge possibilities for future growth.

Mike Weldon: So 13 years after the bursting of the tech bubble, the Internet is alive and well, and technology is progressing every day.

Tom O'Halloran: Well, that's a very good point because the market was right back in 2000 that this was revolutionary. It's just that it capitalized what was going to happen 13 years too early. Now what--this is, in fact, happening. You know we have multi-billion dollar companies across all of tech that, back in 2000, had very little revenues and profits. So I would argue that the promise of the Internet was judged by the market too early and too fast, and now we are seeing it play out and the market is again rewarding it.

Mike Weldon: Okay. Thanks, Tom.

Tom O'Halloran: Thank you.

Mike Weldon: This has been Lord Abbett's Portfolio Commentary. Thanks for watching.

Narrator: For more information on this topic, or to access other videos, audio files, articles or commentary, please explore Lordabbett.com.

Risks to Consider:
Growth stocks are subject to the daily ups and downs of the stock market and tend to be more volatile than other types of stocks. No investing strategy can overcome all market volatility or guarantee future results.

This broadcast serves as reference material for information purposes only; does not constitute an offer to acquire, solicitation for an offer to acquire, an offer to sell or solicitation for an offer to buy any securities, nor is intended to be relied upon as a forecast, research, or investment advice on any securities, and cannot be used for any of the foregoing.

The views and opinions expressed by the Lord Abbett speaker are those of the speaker as of the date of the broadcast, and do not necessarily represent the views of the firm as a whole. Any such views are subject to change at any time based upon market or other conditions and Lord Abbett disclaims any responsibility to update such views. Neither Lord Abbett nor the Lord Abbett speaker can be responsible for any direct or incidental loss incurred by applying any of the information offered.

The value of investments and any income from them is not guaranteed and may fall as well as rise, and an investor may not get back the amount originally invested. Please consult your investment professional for additional information concerning your specific situation.

This broadcast is the copyright © 2014 of Lord, Abbett & Co. LLC. All Rights Reserved. This recording may not be reproduced in whole or in part or any form without the permission of Lord Abbett. Lord Abbett mutual funds are distributed by Lord Abbett Distributor LLC.

FOR MORE INFORMATION ON ANY LORD ABBETT FUNDS, CONTACT YOUR INVESTMENT PROFESSIONAL OR LORD ABBETT DISTRIBUTOR LLC AT 888-522-2388, OR VISIT US AT WWW.LORDABBETT.COM FOR A PROSPECTUS WHICH CONTAINS IMPORTANT INFORMATION ABOUT A FUND'S INVESTMENT GOALS, SALES CHARGES, EXPENSES AND RISKS THAT AN INVESTOR SHOULD CONSIDER AND READ CAREFULLY BEFORE INVESTING.

Heading1 Here's a look at the trends that could influence the muni market in the coming year. 

Heading2 Here's a look at the trends that could influence the muni market in the coming year. 

Heading3 Here's a look at the trends that could influence the muni market in the coming year. 

Heading4 Here's a look at the trends that could influence the muni market in the coming year. 

Heading5 Here's a look at the trends that could influence the muni market in the coming year. 
Heading6 Here's a look at the trends that could influence the muni market in the coming year. 

Numeric Text 0.00% Here's a look at the trends that could influence the muni market in the coming year. 

Para1 Here's a look at the trends that could influence the muni market in the coming year. 

Para2 Here's a look at the trends that could influence the muni market in the coming year. 

Para3 Here's a look at the trends that could influence the muni market in the coming year. 

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Video Reference
Transcript

Narrator: This is Lord Abbett's Portfolio Commentary.

Mike Weldon: This is Mike Weldon, Partner and Director of Marketing at Lord Abbett. Joining me today is Tom O'Halloran, Partner and Director of Small and Multi-cap Growth investing. Tom, you and your team have identified six growth rivers for investing in today's environment. Really exciting stories there. I'd like to narrow in on the first one now and that is digitization. So the first question is what is it that you mean by the digitization of society?

Tom O'Halloran: By that, Mike, we're referring to the growing influence of the computer and the Internet in our society. You know, whether you look at the number of cell phones people are walking around with, which are really called smartphones nowadays, whether you consider the way people are paying their bills online, or whether you simply consider just how often people are on the computer relative to what they used to be, the fact is that the digital world, which has all of this information and can store it and repeat it and release it as needed, is a growing part of the lives we live and of the companies that are a part of our economy and the world economy.

Mike Weldon: Okay. And so what is so transformative about this?

Tom O'Halloran: Well, I think it saves a tremendous amount of time and money and creates much greater possibilities. I think that you and I are much more functional as partners at Lord Abbett by--when we have a smartphone in our hand and we?re on the road, for example, and we're really never out of the office because we have that.

I think that businesses out there have much better software today, much more diverse and varied types of specialized offerings, and software that looks a lot better because of this growing digitization of society. And clearly, people--consumers--have much more at their disposal when you consider things like YouTube, where they can watch videos, when you consider all that they can do on their smartphones and the way they can be connected with social networks. Now, this is not to say that all of this is good, but it certainly opens up great possibilities for the future if it is used properly.

Mike Weldon: So Tom, one of the things that has some people concerned--you know, everything out there on the cloud--is security. How do we address that?

Tom O'Halloran: Well, that's a big concern because, if all of our information is out of there and if it gets into the wrong hands, then it can be used to create financial and other types of harm for us. And--but this is giving rise to tremendous growth opportunities for security companies. So I would say that security companies are one of the biggest beneficiaries of cloud computing because of the pressing demand for making that information safe out there. So we think that this is an opportunity for us as growth investors.

Mike Weldon: So you and your team have talked about the growth engines--within digitization. So can you give us some more detail on what those are?

Tom O'Halloran: Yeah. We see five big growth engines that the Internet has given rise to, and it's really quite incredible what the Internet has done. It really didn't exist as the Internet until 1996, and, if you looked at it in its first ten years of existence, if you did a geographical look of it on Google, for example, it looked like a cobbled-together web of connections that didn't have any order to it.

Yet an enormous e-commerce business was built up by several companies. The hosted software revolution came along and gave rise to very big software companies; and social networks came on the scene, and, even though they weren't around ten years ago, people are spending a sixth of their time on them online nowadays.

Fourthly, the communication network and the telecom network are combined with the Internet to create a mobility boom, so we have over a billion smartphones sold every year. We have the conversion of what used to be just analogue or sound-wave information into digital form, where it can be stored and accessed when needed and transferred when needed, and, really, these four businesses became so big that the Internet was overwhelmed with the complexity, and this has given rise to cloud computing, which is--the fifth big river--a fifth big growth engine of the Internet and digitization.

And cloud computing is really upgrading all of the other big growth engines of the Internet, making them more functional, faster, more susceptible to being improved upon, and, with regard to cloud computing and hosted software, in the background here is the economic concept of the single point of reference. As the dollar made economies much bigger because it took us past barter, where we had one point of reference, the dollar bill, hosted software upgraded software, made it more diverse and varied for the various users because it's now in one place on the Internet where it can be accessed. And thirdly, the cloud has all of the information in one place where it can be improved upon. So things got so complex that it didn't make sense for you and I to pull all the information off of our individual--either--smartphones or personal computers or laptops. It now all resides on the cloud, which makes all of it work better and opens up huge possibilities.

So we, as growth investors, have to think about what could be possible. And as we look at the digitization of our society, while some may say this is too much information and people are spending too much time on it, we take the view that humanity will get it right and make it worthwhile and it will open up huge possibilities for future growth.

Mike Weldon: So 13 years after the bursting of the tech bubble, the Internet is alive and well, and technology is progressing every day.

Tom O'Halloran: Well, that's a very good point because the market was right back in 2000 that this was revolutionary. It's just that it capitalized what was going to happen 13 years too early. Now what--this is, in fact, happening. You know we have multi-billion dollar companies across all of tech that, back in 2000, had very little revenues and profits. So I would argue that the promise of the Internet was judged by the market too early and too fast, and now we are seeing it play out and the market is again rewarding it.

Mike Weldon: Okay. Thanks, Tom.

Tom O'Halloran: Thank you.

Mike Weldon: This has been Lord Abbett's Portfolio Commentary. Thanks for watching.

Narrator: For more information on this topic, or to access other videos, audio files, articles or commentary, please explore Lordabbett.com.

Risks to Consider:
Growth stocks are subject to the daily ups and downs of the stock market and tend to be more volatile than other types of stocks. No investing strategy can overcome all market volatility or guarantee future results.

This broadcast serves as reference material for information purposes only; does not constitute an offer to acquire, solicitation for an offer to acquire, an offer to sell or solicitation for an offer to buy any securities, nor is intended to be relied upon as a forecast, research, or investment advice on any securities, and cannot be used for any of the foregoing.

The views and opinions expressed by the Lord Abbett speaker are those of the speaker as of the date of the broadcast, and do not necessarily represent the views of the firm as a whole. Any such views are subject to change at any time based upon market or other conditions and Lord Abbett disclaims any responsibility to update such views. Neither Lord Abbett nor the Lord Abbett speaker can be responsible for any direct or incidental loss incurred by applying any of the information offered.

The value of investments and any income from them is not guaranteed and may fall as well as rise, and an investor may not get back the amount originally invested. Please consult your investment professional for additional information concerning your specific situation.

This broadcast is the copyright © 2014 of Lord, Abbett & Co. LLC. All Rights Reserved. This recording may not be reproduced in whole or in part or any form without the permission of Lord Abbett. Lord Abbett mutual funds are distributed by Lord Abbett Distributor LLC.

FOR MORE INFORMATION ON ANY LORD ABBETT FUNDS, CONTACT YOUR INVESTMENT PROFESSIONAL OR LORD ABBETT DISTRIBUTOR LLC AT 888-522-2388, OR VISIT US AT WWW.LORDABBETT.COM FOR A PROSPECTUS WHICH CONTAINS IMPORTANT INFORMATION ABOUT A FUND'S INVESTMENT GOALS, SALES CHARGES, EXPENSES AND RISKS THAT AN INVESTOR SHOULD CONSIDER AND READ CAREFULLY BEFORE INVESTING.

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