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Sales Growth

Jan 24 2020

What’s Embedded In The Consensus?

  • Jan 24, 2020

Market momentum now seems to outweigh simple math in the minds of most investors, and we are not entirely immune. Today our tactical funds are positioned with net equity exposure of 50%, the midpoint of the normal 30-70% range. That’s a higher allocation than if we considered only business cycle dynamics and equity valuations.


Dec 06 2019

Capex Beneficiaries “Delivered,” But Only On Price Action

  • Dec 6, 2019

With optimistic views on capex in late 2017, we built a thematic group of companies that appeared to be potential beneficiaries of higher spending going forward. This group has outperformed the market; but, the capex trend is disappointing and quite concerning.

Mar 07 2019

Once In A Lifetime?

  • Mar 7, 2019

To paraphrase a talking head and the Talking Heads, someday you might find yourself in a beautiful deleveraging, with beautiful valuations, and you may ask yourself, well, how did I get here?  

Sep 21 2018

Second Quarter Earnings Waterfall

  • Sep 21, 2018

The S&P 500 reported blockbuster earnings growth again in the second quarter of 2018. With the corporate tax cut boosting profits this year, we were curious to know how much of the improvement was tax driven and how much was due to the exceptionally strong economy.