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Mar 05 2021

The Discretionary Divide—An Earnings-Season Update

  • Mar 5, 2021

We revisit the great divide that has emerged between companies and entire industries over the course of the past year. The fragmentation is, of course, the result of companies/industries that benefited from the pandemic environment, and those that were adversely affected.

Nov 07 2018

Brick & Mortar Retail Evades October Sell-Off

  • Nov 7, 2018

Although Discretionary stocks broadly underperformed during October’s market decline, prominent amongst the very top industry group performers was a rather unexpected genre of industries—brick & mortar retail. Not only did this cohort hold up during October’s tumult, but many of the underlying stocks have been posting strong returns all year.

Sep 10 2013

Sector Margins: Just Thank The Consumer

  • Sep 10, 2013

We’ve noted before that profit margin gains since the technology boom have been primarily a Large Cap phenomenon.