U.S. equity issuance grew by a net $168 billion in the second quarter.... Read More
Mainland Chinese valuations have run quite ahead of valuations in Hong Kong.... Read More
While IPOs typically offer great returns on their first day of trading, their returns are often subpar over the following three years.... Read More
While tech stocks may have technically 'corrected', signs of excess still exist from a historical standpoint.... Read More
Although short sellers have taken losses since the March low, on a YTD basis the stocks that are most shorted are actually still down almost 17%.... Read More
As the S&P and Nasdaq reach record highs, most forward-looking measures of valuation show the market is not cheap.... Read More
The smallest companies in the S&P 500 are down an average of 37.75% YTD. The biggest companies are up an average of 8.22%.... Read More
Yesterday Apple announced something rare, a stock split. In an era of zero commissions and fractional share purchases, stock splits are disappearing.... Read More
Three-year forward earnings estimates may deviate far from reality around recessions, but a 3-year forward PE ratio may make more sense when attempting to gauge where valuations may be after the pandemic.... Read More
Over the past three months the NASDAQ has returned as much as 12.37% more than the S&P 500, setting a level of outperformance rarely seen.... Read More
The stock market is its most top-heavy in decades.... Read More
U.S. equity issuance grew by a net $320 billion in the first quarter.... Read More
Domestic equity funds with the lowest fees saw the large majority of inflows in 2019, while funds with high fees saw outflows.... Read More
Equity ETFs accounted for 26% of stock market volume in the U.S. in 2019.... Read More
Nearly all of the stock market's gains are coming overnight.... Read More
The stock market is its most top-heavy in decades.... Read More
Since the mid-February high in the S&P 500, individual stocks have become highly correlated to the overall index, providing very little differentiation and opportunity for outperformance.... Read More
Last week's stunning stock market rally pulled the market to a 50% retracement of the previous decline. Sentiment has turned more positive, with many thinking the March 23 bottom will mark the bottom for the bear market. We continue to believe these are signs of a bear market rally.... Read More
U.S. equity issuance grew by a net $29 billion in the fourth quarter.... Read More
Some historical perspective on stocks' decline this past week... Read More