Hints and tips:
Related Special Reports
...Frankfurt-based asset manager Deka, which is a top 10 shareholder in Munich Re and a top 20 shareholder in BASF according to data from S&P Global, last year adopted a similar voting policy to ISS....
...One attraction of this market — worth $5.5tn in the US alone on Oliver Wyman estimates and which includes equipment leases, trade finance and royalty agreements — is greater diversification and the specialist...
...Dear reader, Sometimes, it turns out, bankers do know what they’re talking about. In January, I questioned the talk about “green shoots” in dealmaking by US banking bosses....
...Oliver Wyman expects, like last year, to post double-digit growth in its European arm in 2024, she adds....
...We’re not saying it doesn’t matter at all. But for investors interested in a quick temperature check of the economy, money may not have much to offer....
...S&P 500 dividend yields went as high as 9.2 per cent in the first quarter of 1938, according to S&P Dow Jones Indices. Even IPOs paid them, as I read to my surprise in Peris’s book....
...They say if you do this then you’re in; if you don’t do it then you’re out....
...We’re on track to grow at a 2.5 per cent rate in the first quarter, according to the Atlanta Fed’s GDPNow service, above the long-run trend and an impressive addition to the strong growth record....
...The benchmark is just 16 per cent above its 1999 dotcom-era high, while the S&P has more than trebled in value in the same period....
...This chart from JP Morgan Asset Management isn’t exactly titled BTFD, but it does remind us that when the S&P 500 has just lost a cool quarter in value, the most successful thing to do has usually been to...
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...Now widely followed, momentum has surged to become one of the best performing factors this year (if you’re using the S&P 500 as your proxy)....
...While stocks have slipped in the past three weeks, IPO followers are taking heart from this week’s newbies, which managed to pop higher despite the S&P 500’s longest multi-day losing streak in months....
...So they’re not all created equal and there are actually some stocks now that have overtaken the likes of Tesla to become a bigger slice of the S&P 500....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...That could be what is happening in the p/e chart above. That would not necessarily signal the death of the size factor. One good read Sport gambling is proliferating in the US....
...“That’s impressive because we’re at a point right now where the industry’s growth in the last two years has been driven entirely by price,” said Jason English, an analyst from Goldman Sachs....
...For S&P 500 companies, it is down by 13 percentage points to 44 per cent over the past 10 years, according to ISS-Corporate. In France, just 12 companies in the Cac 40 index still combine the roles....
...In fact, they’re so good that consistently generating outperformance is getting harder....
...Dealing with the first question, Goldman notes that while valuations are high, they’re not bubble high. Japanese stocks traded on a P/E of 67x in 1990. The Nifty 50 traded on a P/E of 34x in 1973....
...What they’re hedging is the much larger moves, and they’re doing that by using out-of-the-money VIX options,” Fowler said, referring to derivatives that would pay out if Wall Street’s “fear gauge” were to...
...“Now we’re forecasting 40 per cent earnings growth for the Nasdaq 100 for the first half of the year and strong profits in Europe, too.”...
...Even worse, one-third of S&P 500 stocks are down on the year, despite the 24 per cent rally we’ve seen in the broader market....
...And — as a chart borrowed from Duncan Lamont at Schroders shows — the extent of concentration in the S&P 500 is not something investors are used to....
...Ethan WuBut you can see this in the data. July 31st is the peak in the S&P 500 that coincides with the 10-year yield shooting up again....
International Edition