14 October 2021 As Q3 earnings season gets underway, stocks in the Financials sector are in focus as they are typically among the first to report earnings. While history indicates companies are on average likely to beat Q3 estimates, our…
Read more
7 October 2021 Volatility in the crude oil and natural gas markets has been a big topic among investors and policy makers recently. Limited supplies and higher demand are pushing prices higher, and stock prices in the Energy sector are…
Read more
30 September 2021 As Q3 ends and with reporting season set to begin in the coming weeks, we can update the current consensus earnings outlooks for Q3 and Q4 as well as calendar year 2021 and 2022 for the S&P…
Read more
23 September 2021 The primary news from the Fed meeting yesterday was to clarify the likely timing of reducing and then ending the current QE (quantitative easing, or bond buying) program. Fed Chair Powell indicated that (barring any big surprises)…
Read more
16 September 2021 For some time we have noted that traditional Cyclical and Value sectors have had much stronger earnings estimate revisions activity (“fundamental momentum”) than Growth or Defensive sectors. That has been changing recently as cyclical sector estimates are…
Read more
9 September 2021 A frequent question lately has been: are we currently in, or about to enter, a period of “stagflation” like the late 1960s and 1970s as a result of COVID and policy responses? Our short answer is no:…
Read more
2 September 2021 In our regional allocation work, we have been underweight in Emerging Markets relative to developed markets since May, and remain so currently. A key reason for our continued underweight stance is that the relative fundamental momentum for…
Read more
18 August 2021 Major equity indices globally have been remarkably stable in recent months, pushing realized volatility readings to very low levels. Our own research along with that of many others has shown that volatility in equities tends to be…
Read more
4 August 2021 Equity market volatility has been declining this year and has recently been below the long-run average. However, under the surface of the calm at the major index level, style rotation between Growth and Value has been extremely…
Read more
21 July 2021 We have heard a number of client questions about the recent rebound in Growth stocks relative to Value (or Cyclical) stocks, so here we review some of the recent price action and one of the key cross-asset…
Read more