This summer, the CFA Society of Chicago, in one of their well-attended Vault Series presentations, featured Ted Reilly, the founder of Chicago Media Angels, the Chicago start-up that fills the gap between the artistic moviemaker and investment capital. For some … Continued
Since this blog’s last update on portfolio positioning in early July ’18, the weightings of the positions have changed little in the last three months. With the creation of the Communications sector, Technology’s sector weighting has fallen to 20%, … Continued
What the title of today’s blog doesn’t tell you is that valuation is a slippery slope. Some of the seemingly cheapest stocks in the SP 500 are not really attractive values, but more “value-traps” which like the Siren’s of Greek … Continued
Dr. David Kelly and his team at JP Morgan put together one of the best research and market / economic summaries on the Street (published quarterly) and that is the JP Morgan “Guide to the Market” (GTTM). The above … Continued
The combination of a $4.89 increase in the forward 4-quarter estimate two weeks ago, and then the 4% drop in the SP 500 this week, has produced an usually high S&P 500 earnings yield of 6.27%. Looking at my own … Continued
Great article from Ben Carlson, CFA picked up by Josh Brown of Ritholtz Wealth. In this blog post from a few days ago, here is what I was thinking of when evaluation the Bloomberg Barclays Aggregate (AGG), the bond market’s … Continued
Here is a quick history of the SP 500’s y/y revenue growth since early 2015: Q3 ’18: +7.3% (est) Q2 ’18: +10.0% Q1 ’18: +7.3% Q4 ’17: +8.0% Q3 ’17: +6.0% Q2 ’17: +5.3% Q1 ’17: +7.7% Q4 ’16: +5.0% … Continued
The Financial sector is one of client’s overweights and it’s lagged the SP 500 badly all year. Up just 2% YTD, versus the roughly 8% total return for the SP 500, banks and brokers have been pretty punk, with the … Continued
Looking at overall SP 500 estimates for the 3rd and 4th quarters of 2018: Q3 ’18: As of 10/5/18: +21.5% y/y growth expected for SP 500 EPS As of 10/1/18: +21.6% y/y growth expected for SP 500 EPS As of … Continued
(The weekly SP 500 earnings update will be posted tomorrow, i.e. Saturday, 10/6/18.) One of the reasons I chose the investment management business as a career, is that I was fortunate to have been studying economics and Money & Banking, … Continued