Archive by Author

Unfortunately Stocks Are Not Oversold Here

Pic1

One would have thought that coming off of the worst day in the financial markets since 2008 stocks would been thoroughly oversold to such an extreme that a snap back rally would be inevitable. Unfortunately that is not the case today as our quantitative measures of oversoldness have yet to hit extremes reached at every […]

China is Doubling Down on State Directed Growth

Pic1

Over the weekend we got the monthly slue of Chinese data around fixed asset investment, credit creation, retail sales, and industrial production. Generally speaking, the data was soft, with misses in all categories. But one data point continues to stand out to us as evidence of the not-so-subtle involvement of government sponsored entities in the […]

Valuations are a Reason to Favor Active Management at this Stage

Dashboard 26

It would be tough to make the case that aggregate valuations are low at this stage in the bull market, and that valuation expansion is a likely tailwind to further equity gains. Alas, aggregate valuations are only one measure, and while aggregate measures do indeed point to heightened “valuation risk”, individual company valuations remain highly […]