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...

Are fundamentals being rewarded in stock selection in the post-COVID period? Based on the results of our MAER stock selection model, the answer has been “yes” since the end of the “COVID year” of...

A key part of Mill Street’s work is tracking US and global equity sector and industry trends using a mix of bottom-up (aggregated company data) and top-down (macro data) inputs. The Technology sector naturally...

One of the distinguishing features of Mill Street’s research process is that it can give both “top down” views on the macroeconomic and asset allocation outlook, or “bottom up” quantitative stock selection based on...

The US economy keeps surprising to the upside, forcing economists and the Fed to catch up. Commentary from Fed officials has shifted to favoring rate cuts later rather than sooner, meaning policy rates will...