Author Archive: admin

Macro events overshadow a positive earnings season

24 February 2022 With macro events dominating the headlines (Ukraine, Fed, oil), along with a high-profile “blow up” or two (i.e., Meta, PayPal), it is perhaps not surprising that there has been less attention lately on the overall Q4 earnings…
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Shifting to neutral on equities

17 February 2022 Our intermediate-term (3-6 month) indicators have deteriorated enough recently to argue for shifting from overweight equities in our asset allocation framework to neutral. While stocks are still favored over bonds on a longer-term relative valuation basis, the…
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Stay with large-caps as volatility picks up

3 February 2022 In our view, equity markets have been shifting toward a backdrop of higher volatility and thus more modest gains relative to the last 18 months. After an all-time high in early January, the S&P 500 recently endured…
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Volatility returns as investors adjust to policy outlook

26 January 2022 Equities, and asset prices in general, have seen a return of volatility during January, following over a year of very subdued volatility and strong returns. Why, especially in a historically favorable seasonal period? In our view, markets…
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Does Tech reliably lag when yields rise? No

12 January 2022 We often hear the narrative that rising long-term bond yields are harmful to valuations of “long duration” Growth stocks, especially the Technology sector that dominates the Growth style. This has been evident in day-to-day swings in the…
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Earnings expectations for 2022

5 January 2022 With 2021 now in the history books, earnings reporting season for Q4 and the full year is set to begin soon. Below we update the current consensus earnings outlook for Q4 as well as the coming year…
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That’s a BIG Apple

14 December 2021 There have been a number of headlines recently highlighting the extraordinary market capitalization being awarded to Apple Inc. (AAPL), which has retaken the title as the world’s most valuable publicly-traded company. The company’s value is now approaching…
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