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Attached is Astoria’s Investment Committee Quarterly Report. We discuss a few strategic shifts we have implemented in our portfolios. Also, we provide some forward-looking commentary on earnings, the economy, and factors. Topics discussed: High quality stocks are starting to look historically expensive. Defensives are expensive while Cyclicals are cheap. As the economy rebounds off the lows, Cyclicals are more attractive in Astoria’s view. Small Cap factor is pervasive, pers

Click here to read Astoria’s Investment Committee Quarterly Report We discuss a few strategic shifts we have implemented in our portfolios.  Also, we provide some forward-looking commentary on earnings, the economy, and factors. Topics discussed: High quality stocks are starting to look historically expensive. Defensives are expensive while Cyclicals are cheap.  As the economy rebounds off the lows, Cyclicals are more attractive in Astoria’s view. Small Cap factor is pervasiv