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multiples

2015 Caused An Earnings Rift, Too

By |2016-04-19T12:32:02-04:00April 19th, 2016|Economy, Markets, Stocks|

As the major stock indices overtake or threaten psychological round numbers again (S&P 500 2,100; DJIA 18,000), they have done so with the same problem as occurred in 2015. Stocks have been overvalued for some time in historical comparison especially after QE3 and QE4, but it was supposed to be in anticipation of the full recovery that QE would make. [...]

Further Measures of Market Risk

By |2014-09-26T15:48:40-04:00September 26th, 2014|Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

Continuing on with the valuation theme, there are a couple of additional “market” indicators that are also at or above dot-com levels. While not strictly a valuation technique, the level of margin debt and really customer net worth gives us an insight into one aspect of multiple expansion. Margin debt for FINRA accounts (which includes both NYSE and what used [...]

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