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Market Cap

Mar 15 2019

Be Wary Of The “E” In P/E

  • Mar 15, 2019

U.S. equity valuations remain considerably higher than those of any major foreign market, but there’s no denying they’ve improved from the cyclical peak made in January 2018. That’s true across the capitalization spectrum, and on the basis of both normalized and non-normalized fundamentals.

 

Jul 08 2017

Beatlemania And Narrow Markets

  • Jul 8, 2017

In April 1964, the Beatles simultaneously held the top-five spots on the Billboard Hot 100, a unique feat in the history of modern music.

Nov 05 2016

Can Companies Sustain Cash Payouts?

  • Nov 5, 2016

Companies are returning cash to investors at a level never before seen. Counting dividend payouts and outstanding share repurchases, the amount of cash returned back to investors crossed the $1 trillion mark for the first time in January 2016 (based on trailing twelve-months’ total for the largest 500 companies, Chart 1).

Aug 06 2015

Small/Mid/Large Caps

  • Aug 6, 2015

Small Cap Premium Drops to 8%

Feb 05 2015

Small Cap/Mid Cap/Large Cap

  • Feb 5, 2015

Small Cap Premium Sinks To 13%

Dec 06 2013

Dissecting The Capital Tier Indices

  • Dec 6, 2013

Sector weight changes during November were minimal. 

Nov 07 2013

Small Cap Premium Ticks Up To 16%

  • Nov 7, 2013

Small Caps are selling at a 16% valuation premium relative to Large Caps, using non-normalized trailing operating earnings. Using estimated operating earnings, Small Caps are selling at a higher valuation premium of 23% (25% last month).

Sep 10 2013

Small Cap Premium Remains 15%

  • Sep 10, 2013

Small Caps are selling at a 15% valuation premium relative to Large Caps, using non-normalized trailing operating earnings. This is the same as the past two months’ readings. Using estimated 2013 operating earnings, Small Caps are selling at a higher valuation premium of 23% (24% last month).

Aug 07 2013

Dissecting The Capital Tier Indices

  • Aug 7, 2013

Consumer Discretionary’s weight increased the most in the S&P 500, rising 0.5%. Health Care rose the most in Mid Caps (+0.3%), while Information Technology rose the most in Small Caps (+0.7%).

Aug 07 2013

Small Cap Premium Remains 15%

  • Aug 7, 2013

Small Caps are selling at a 15% valuation premium relative to Large Caps, using non-normalized trailing operating earnings. This is the same as last month’s reading. Using estimated 2013 operating earnings, Small Caps are selling at a higher valuation premium of 24% (25% last month).

May 01 2013

The Disappearing "Large" Effect And Emerging Market Performance

  • May 1, 2013

While U.S. stocks have surged this year, Emerging Markets have languished. What is going on in Emerging  Markets to cause this unusual situation?

May 04 2011

April Factor Performance: Talk About Boring

  • May 4, 2011

Very little to show for a month of solid market performance. Breaking the market down by capitalization yields some interesting results.

May 04 2011

Dow Performance: A Matter Of Weighting...

  • May 4, 2011

Are the Dow Industrials benefiting from trivial weighting? Slicing our Leuthold 3000 universe into market cap deciles shows different performance results than commonly followed market indices.

 

Apr 05 2011

Leuthold Stock Quality Rankings—Tracking Quality And Risk Cycles

  • Apr 5, 2011

While Low Quality stocks have been beating High Quality, performance was on par in Q1. High Quality cheap relative to Low Quality and the tide may be turning.

 

Jul 03 2009

Cash Is King… The Regime Of Buying Power Is Alive And Well

  • Jul 3, 2009

One might begin to think that if the reports of money supply growth rolling over are true, that the stock market could be facing its own liquidity crisis in short order. While these reports sound pretty bleak for future stock market liquidity, we advise taking these headline “scare” stories with a grain of salt.

May 06 2008

Technology: Applying Positive Thinking To Our 9th-Rated Sector

  • May 6, 2008

Is it time to buy Technology? This month's “Of Special Interest” examines the sector's merits and finds that while there are signs of improvement, it is too soon to make a big move here.

 

 

May 05 2007

A Closer Look At 2007 Projected Earnings Growth

  • May 5, 2007

Initial results for Q1 earnings look disturbing. Analyst estimates of 2007 year end earnings for stocks have been declining across all market cap tiers, with biggest declines in the Energy sector.

Mar 05 2007

Modifications To Leuthold Growth Versus Value Methodology

  • Mar 5, 2007

We have modified our Small Cap and Mid Cap Growth versus Value methodology, improving the algorithm for distinguishing between growth and value to make the components more reflective of these sectors.

Sep 05 2006

Breadth Is Lagging…..But It Can Lag For a Long Time Before The Market Rolls Over

  • Sep 5, 2006

Market breadth improving, but still relatively weak. Narrowing breadth can, however, persist for a long time. There was a two year period of diverging breadth in 1998 to 1999, prior to the last bear market.

Jan 04 2006

Did You Have The Right Mix In 2005?

  • Jan 4, 2006

2005 Performance Recap: Equities, Fixed Income, Large Vs. Small Caps, Weighted Vs. Unweighted S&P 500, Industrial Metals and AdvantHedge.

Oct 05 2005

S&P 500 Energy Weight Is Misleading: Fewer Constituents, Not Less Market Cap

  • Oct 5, 2005

S&P 500 Energy weight is misleading. Adding the largest multi-national integrated oil companies to the S&P’s 10% energy weight doubles it to 20%.

Apr 05 2005

Analyzing Large Cap, Mid Cap & Small Cap 2004 Composite Income Statements

  • Apr 5, 2005

2004 earnings very strong but further earnings improvements in 2005 will be largely a function of stronger sales, not any more margin expansions.

Jan 05 2005

Did You Have The Right Mix In 2004?

  • Jan 5, 2005

Small Cap Stocks were hands down winners relative to large caps, while just edging out mid caps. This is the fifth consecutive year of small cap superiority.

Jan 05 2004

Turning The Corner

  • Jan 5, 2004

After a string of three consecutive down market years, the closing bell on the eve of the recent New Year put to bed the first annual gain for the U.S. stock market since 1999.

Jan 05 2004

Equity Performance By Market Cap Tiers

  • Jan 5, 2004

Weighted versus Unweighted S&P 500 comparison, Russell 2000 versus S&P 500 annual comparison and 2003 equity performance by market cap tiers.

Sep 04 2002

Total U.S. Market Capitalization As A Percentage Of GDP: An Alternative Valuation Perspective

  • Sep 4, 2002

Total U.S. Market Capitalization As A Percentage Of GDP: Identifying “Fair Value.”

Mar 05 2002

Capitalization Tier Meausres

  • Mar 5, 2002

Continuing to evaluate Leuthold Index methodology.

Feb 05 2002

Capitalization Tier Meausres

  • Feb 5, 2002

Continuing to evaluate Leuthold Index methodology.

Jan 04 2002

Capitalization Tier Meausres

  • Jan 4, 2002

Continuing to evaluate Leuthold Index methodology.

Dec 05 2001

Capitalization Tier Meausres

  • Dec 5, 2001

Continuing to evaluate Leuthold Index methodology.

Nov 05 2001

Capitalization Tier Meausres

  • Nov 5, 2001

Continuing to evaluate Leuthold Index methodology.

Oct 03 2001

Capitalization Tier Meausres

  • Oct 3, 2001

Continuing to evaluate Leuthold Index methodology.

Sep 04 2001

Capitalization Tier Meausres

  • Sep 4, 2001

Continuing to evaluate the Leuthold Index methodology.

Aug 04 2001

Tech Watch…..S&P Tech Subset Down 5% In July

  • Aug 4, 2001

Worse than expected Q2 earnings (losses) beat down the tech sector in July. The bad news just won’t end.

Aug 04 2001

Capitalization Tier Meausres

  • Aug 4, 2001

Continuing to evaluate the Leuthold Index methodology.

Jul 03 2001

Capitalization Tier Meausres

  • Jul 3, 2001

Continuing to evaluate Leuthold Index methodology.

Jun 05 2001

"Value" Performance Superiority May Soon End

  • Jun 5, 2001

Value may continue to outperform Growth for the balance of the year, but by a narrower margin.

Jun 05 2001

Capitalization Tier Meausres

  • Jun 5, 2001

Continuing to evaluate Leuthold Index methodology.

May 05 2001

Capitalization Tier Meausres

  • May 5, 2001

Continuing to evaluate Leuthold Index methodology.

Mar 05 2000

Performance By Cap Tiers...Our New Measures

  • Mar 5, 2000

S&P 500, S&P 400, and Russell 2000 may not always present accurate readings of Big cap, Mid cap and Small cap performance, respectively.