Despite a recent respite, our indicators tell us that market volatility is likely to stay elevated for a while longer, with important implications for asset allocation and stock selection. Significant damage is being done...

The big theme in markets and in Mill Street’s work with clients recently has been the dramatic shift in leadership away from the US and toward the rest of the world, especially Europe. Risk...

A recent client question: Q: “Have you done any work on the multiple of the S&P 500 and the growth rate and margin/profitability of the S&P 500? Many strategists say margins are peaking for...

Outlook for 2025: Mill Street Research does not make “official” calendar year forecasts as we always follow the evolving messages from our objective indicators throughout the year, but in response to client interest, below...

The Mill Street Research Implied Growth Model, described in more detail in a March post, shows higher long-run earnings growth expectations built into market prices. Given current conditions and the composition of the S&P...

We maintain our long-standing very cautious stance on China, despite some signs of more positive earnings indicator readings caused by a handful of mega-cap Chinese stocks (that we call the “Magnificent 5”). Outside of...