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Look, quick! Before it reverses! The Top-5 firms in the S&P 500 have underperformed in September! I’m sorry, you’ll have to forgive my sense of urgency, but the astounding speed and consistency in which these firms have outperformed may have burned the notion into my brain that they can only “go up” (or at the very least beat the index).
Doug Ramsey, CIO at The Leuthold Group gives his mid-year update, provides some valuable context for the current market, and presents his outlook for the rest of 2020. Scott Opsal, Director of Equities and Portfolio Manager, also gives a brief update on portfolio positioning and asset allocation considerations before a Q&A with both Doug and Scott.
Extraordinarily low bond yields—often negative bond yields outside the U.S.—have significantly elevated investor anxieties, leaving the impression of facing a high-risk, low-return world. Consequently, during much of the contemporary expansion, the existence of very low yields has pushed several investors toward a more conservative portfolio allocation.
The S&P 500 did not suffer a bear market last year. At least not by the conventional definition of a 20% decline. However, it was razor close—dropping 19.8% from its highest- to lowest-daily close. Given that, in every way except for -0.2%, the U.S. stock market did suffer a Bear last year, how does its 2019 rally compare thus far to the average “Bull Market Rally?”
An occasional critique of our valuation work is that we consider “too much” market history to form a judgment as to what constitutes “high” or “low.” This type of feedback declined during and after the financial crisis (when historic valuation thresholds were temporarily revisited), but it has become more pointed as the U.S. market has soared to new highs.
Are incredibly low yields a signal of imminent peril and a clarion call for caution? Or, alternatively, could they represent an amazing investment opportunity?
Doug Ramsey expands on the relationship between Money Supply growth and the Yield Curve.
OK, OK–maybe Apple isn’t so “Itsy Bitsy.” However, when viewed through the lens of our “4% Club” vignette, the stock has certainly followed the Sisyphean pattern of that popular nursery rhyme (and accompanying fingerplay, of course) over the last seven-plus years.