Consumer interest in credit card debt continues to decline. We expect insurance stocks to underperform as higher sovereign yields boost banks and diversified financials. ... Read More
We take a closer look at policy searches and their effects on global equity markets. What sounds at first like an all-clear for risk markets is actually bearish for global equities and some high-performing sectors in the U.S.... Read More
The model uses Google search trends for key policy terms to gauge uncertainty over issues like trade policy. Anxiety over the trade wars remains elevated but lower than six months ago. Conditions may be ripe for some relief for the auto sector. ... Read More
Buybacks and M&A outpaced issuance of new shares by over $1 trillion in the second quarter of 2018!... Read More
Uncertainty about China's resilience to the escalating trade war has much of Southeast Asia still bogged down. We watching industrial metals, uncertainty about global central bank policy and the dollar as we monitor opportunities in the region.... Read More
Have you ever wondered how long U.S. citizens would collectively have to work in order to buy every single share of stock in the U.S. markets?... Read More
As stock valuations go higher, expectations on future long-run returns must be tempered.... Read More
Amazon's market cap hit $1 trillion, but Apple remains top dog. ... Read More
Small caps enjoyed another wave of investor interest in August, but have tended to underperform after tight range trades in Treasury yields. ... Read More
Bear markets often serve as a catalyst that forces investors to make trades they otherwise lacked conviction to make. This should not be confused with indiscriminate selling.... Read More
Despite some PR issues of late, Tesla has surpassed many of its rivals on a market cap basis.... Read More
The stock market has gone 1670 trading days since the last bear market, the third longest such streak since 1929.... Read More
Active managers often call this the most hated bull market in history. This is simply not true. The reality is the public likes the stock market. They are just moving away from active managers.... Read More
The value of a few technology companies is increasing at the expense of legacy businesses.... Read More
The pain in financials continues. And while the flattening U.S. yield curve is certainly one reason for the slide, financials worldwide are doing worse than the U.S. banks.... Read More
Back in May, we highlighted how the stock market continues to coil around a 10% without recovering to a new high. We are now 107 trading days since the late January peak. Only 1994/1995 correction went longer without turning into a full-blown bear market (20+% correction). The longer the market goes without recovering to a new high the more we fear the oldest story in finance is still playing out. The Fed is at risk of hiking too much, inverting the curve and sending the stock market lower.... Read More
A shift in ETF investor preferences favors small caps and non-cyclical sectors, but we still don't see definitive signs of risk-off flows. ... Read More
A breakdown of U.S. equity ownership and net issuance... Read More
Retail stocks have soared since the end of May.... Read More
Returns on stocks with large foreign revenues have outpaced those with large domestic revenues since mid-2016. Interestingly, this pattern of outperformance has not turned that much given the dollar's strength in the last few months.... Read More