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Valuation Ratios

Apr 05 2019

The P/E Decline Has Been Greatly Exaggerated

  • Apr 5, 2019

The S&P 500 has bounced back to levels seen at the January 2018 spike high, yet is valued more cheaply than it was 14 months ago.

Nov 16 2018

Correction Creating Values?

  • Nov 16, 2018

While the consensus view remains that October’s stock market rout was “healthy” and “overdue,” we think it was  more likely the first leg down of much larger decline. But it’s still worth reviewing the improvement in valuations that market losses and this year’s excellent fundamentals have combined to produce.  

 

Nov 07 2018

P/E Crash!!

  • Nov 7, 2018

While this year’s liquidity squeeze has yet to exact the toll we ultimately expect on the U.S. stock mar-ket, it has certainly contributed to a sharp compression in P/E multiples.

Jan 07 2017

An Obligatory Rant Over High Valuations

  • Jan 7, 2017

We remain cyclically bullish, but it would be intellectually dishonest to try to make a serious valuation case for the stock market here.

Oct 07 2015

Valuations: The Bad And The Good

  • Oct 7, 2015

Foreign valuations experienced nowhere near the expansion enjoyed by U.S. stocks during the latest bull market, but their cheaper valuations rarely seem to inoculate them from outsized losses during corrections and bear markets.