Relative P/E
Small Caps: We’ve Seen This Setup B-Four
In mid-2020, we wrote that a new multi-year leadership cycle had probably begun. Technically, that belief hasn’t been disproven, but the extent of outperformance has been disappointing in the nearly three years since.
Low Vol For All Seasons?
The S&P 500 Low Volatility Index has performed so well for so long that the ETF based on the index has amassed more than $8 billion.
Attention Shoppers: Contrarian Plays In Aisle 3
The 2017 run that pushed the nine-year bull market to all-time highs made it very difficult to find anything that looked cheap, and few choices that looked average. Even the Tech bubble of 1999 allowed investors to find moderately priced stocks among the mundane old-economy companies...
Valuations & Future Returns
The U.S. market rates anywhere from mildly overvalued to very overvalued relative to other developed markets. Foreign markets might be the last remaining pocket of yield that isn’t overvalued.
Health Care's Relative Value
It is well-known that valuations for U.S. large-caps have compressed dramatically since their late 1990s heydays, and among all large-caps the cheapest of the cheap may be the health care stocks.
Technology Sector Valuations: Where Are We Now?
Since February, valuations have plummeted 37%, about half way back to median levels. However, relative P/E ratios paint a different picture.
Smaller Caps Could Now Be Less Vulnerable Than Larger Caps
Smaller can managers are expected to see better times ahead. We predict that the next bull market will be led by small cap stocks. Historically, small caps now look fairly priced.
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