P/E Ratios and Bull Markets
The current economic expansion is celebrating its 10th birthday this month — the longest on record. What accounts for its longevity? In our view, the lack of an economic boom. No boom, no bust. The next recession may be the most widely anticipated of all time. ...The Realities of the Trade War With China – and What to do With Trade Sensitive Stocks
Investors are happy with year-to-date returns (the S&P 500 is up 12%), but the market is actually trading at the same level it was 16 months ago. We’ve had big up and down moves, but in the end, we have been trendless. We think valuations have a lot to do with...The Bull Market Powers Higher
As we expected, many companies (about 67%) are beating the bottom line consensus estimates for Q1. The earnings bar was set low by both the companies and analysts coming into earnings season making the forecasts easier to beat. And the prior periods of weak guidance...