James Hendries

JUNE 26, 2023

We know it’s old news at this point, but on June 8, 2023, the S&P 500 entered a new bull market. Investment Outlook Stocks have had a strong rally over the past eight months to establish a new bull market. It is also a major component used to calculate the price-to-earnings valuation ratio. Bull markets are not linear.

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Marketing Marketing Asset Allocation Valuation 52

James Hendries

JANUARY 26, 2023

Background: The global economy will likely slow from the upper-2% range in 2022 down to slightly above zero in 2023 ( Figure 1 ). falls into recession, the chances are it would occur during the first half of 2023 and will not likely be as deep as the 2008 recession, which was initiated by a fundamentally flawed financial market.

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Marketing Marketing Economy Economics 52

James Hendries

JUNE 20, 2023

The encouraging trend in consumer prices will provide the Fed some leeway throughout the balance of 2023. Fed Should Anticipate Further Easing in Rents The housing sector is currently a significant factor impacting inflation in 2023. It is also a major component used to calculate the price-to-earnings valuation ratio.

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Marketing Marketing Economy Communication 52

James Hendries

AUGUST 15, 2022

If a recession comes—probably a 50-50 proposition for the first half of 2023—it will likely be mild. Estimates for the second half of 2022 and 2023 have come down as expected, but with expectations so low, stocks generally rallied on results even as estimate were cut. Given the slowing economy, intense cost pressures, and a strong U.S.

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Cornerstone Financial Advisory

MAY 21, 2024

Taxpayers must report any income earned from hobbies, even if it does not involve a licensed business. IRS.gov, November 15, 2023 7. Very Well Fit, January 24, 2023 Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. CNBC.com, May 17, 2024 4.

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Marketing Marketing Taxes Economics 52

James Hendries

NOVEMBER 3, 2022

First, investors may have begun to look beyond current inflation pressures and the Federal Reserve (Fed) monetary policy tightening cycle toward potentially better conditions in 2023. Please contact your financial advisor with questions. Insurance products are offered through LPL or its licensed affiliates.

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Clients Asset Allocation Investment Advisor Economics 52

James Hendries

FEBRUARY 27, 2023

It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio. It is also a major component used to calculate the price-to-earnings valuation ratio. All index data from FactSet.

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Marketing Marketing Government Economy 52

James Hendries

AUGUST 30, 2022

That said, earnings targets will be very tough to reach in 2023 if high inflation lingers. Estimates for this year look reasonable, 2023 have to come down. The thought process for many was that earnings drop in a recession, so while 2022 profits may be near consensus estimates (our expectation), 2023 may see a profit decline.

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Marketing Marketing Valuation Economics 52

James Hendries

OCTOBER 18, 2022

Earnings estimates for 2023 are too high—this is about as consensus as a view gets. The consensus S&P 500 earnings per share estimate for 2023 is currently $240, down from $250 at the end of June. The consensus S&P 500 earnings per share estimate for 2023 is currently $240, down from $250 at the end of June. Conclusion.

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Marketing Marketing Valuation Economics 52

Sara Grillo

NOVEMBER 14, 2022

He is a flat fee advisor; not a licensed insurance agent. I am a CFA® charterholder and financial advisor marketing consultant. I have a newsletter in which I talk about financial advisor lead generation topics which is best described as “fun and irreverent.” Should advisors go to hell before selling an annuity?

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Insurance Financial Advisor Retirement License 59

James Hendries

NOVEMBER 22, 2022

in May or June of 2023. In this week’s Weekly Market Commentary, we explore historical equity and fixed income market performance surrounding a Fed pivot, including the prospect for solid stock performance in the back half of 2023. Marc Zabicki , CFA , Chief Investment Officer, LPL Financial . Conclusion.

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Marketing Marketing Valuation Asset Allocation 52

James Hendries

AUGUST 15, 2022

The LPL Research S&P 500 year-end fair value target range remains 4,300—4,400, based on a price-to-earnings ratio (PE) of 18-19 and an earnings per share (EPS) forecast of $235 for 2023. It is also a major component used to calculate the price-toearnings valuation ratio. Click here to download a PDF of this report.

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

NOVEMBER 15, 2022

times the STAAC’s 2023 S&P 500 earnings per share forecast of $230. It is also a major component used to calculate the price-toearnings valuation ratio. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). IMPORTANT DISCLOSURES.

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Portfolio Taxes Government Investment Advisor 52

James Hendries

OCTOBER 7, 2022

times the Committee’s 2023 S&P 500 earnings per share forecast of $230. It is also a major component used to calculate the price-toearnings valuation ratio. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC).

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Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

SEPTEMBER 8, 2022

The LPL Research S&P 500 year-end fair value target range remains 4,300— 4,400, based on a price-to earnings ratio (PE) of 18-19 and an earnings per share (EPS) forecast of $235 for 2023. It is also a major component used to calculate the price-toearnings valuation ratio. Click here to download a PDF of this report.

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Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

AUGUST 3, 2022

However, the central bank could begin cutting again in the back half of 2023 if the economy shows significant weakness. The downside risk comes in 2023 where the consensus estimate has come down about $6 since mid-June to near $245. It is also a major component used to calculate the price-to-earnings valuation ratio.

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Marketing Marketing Economy Valuation 98

James Hendries

JULY 13, 2022

The Committee also lowered its S&P 500 Index year-end fair value target range to 4,300—4,400, based on a price-to-earnings ratio (PE) of 18-19 and an earnings per share (EPS) forecast of $235 for 2023. It is also a major component used to calculate the price-toearnings valuation ratio. Click here to download a PDF of this report.

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

DECEMBER 4, 2022

In this week’s Weekly Market Commentary we share insights on publicly traded retailers, analyze their underperformance year to date, and look forward to 2023. Retailer valuations have also taken a hit, as the forward (next 12 months) P/E multiple has contracted ~20% year to date, from ~27x to ~22x currently.

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James Hendries

JULY 21, 2022

Lower inflation tends to bring higher valuations (Fig.1). The market clearly does not expect 8 – 9% inflation to persist based on current stock valuations, but whether inflation eventually settles at 3% or 4% will go a long way toward determining how much higher stock valuations can go from current levels. If the U.S.

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James Hendries

JULY 6, 2022

While we acknowledge that a V-shaped recovery is probably not in the cards and prior valuation targets no longer appear achievable, we remain constructive on equities for the second half, but not complacent. Remember stock valuations are inversely correlated to inflation and interest rates. So a P/E over 20 is probably too rich.

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Marketing Marketing Valuation Economy 52

James Hendries

AUGUST 15, 2022

The economy needs a stable and productive workforce to handle tighter financial conditions and growing uncertainty about 2023. We won’t predict a soft landing, but there is a plausible scenario where a mild recession comes in 2023, the S&P 500 does not retest its June 2022 lows, and stocks are nicely higher in a year. If the U.S.

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Marketing Marketing Economy Valuation 52

James Hendries

NOVEMBER 1, 2022

With a series of important economic indicators suggesting the economy is declining and inflation is finally decelerating, albeit very slowly, markets are beginning to factor in that the Fed may soon transition to a less aggressive stance in early 2023. It is also a major component used to calculate the price-to-earnings valuation ratio.

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Marketing Marketing Manufacturing Economy 52

James Hendries

NOVEMBER 15, 2022

However, the debate is heating up as investors begin to consider whether the pendulum will swing back to growth if inflation and interest rates decline in 2023. Increasing the discount rate, which lowers the present value of future cash flows, and company valuations. Future cash flows are devalued. Less volatility amid rising rates.

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Marketing Marketing Asset Allocation Valuation 52

James Hendries

SEPTEMBER 7, 2022

We maintain our year-end fair value S&P 500 target at 4,300-4,400, based on a price-to-earnings ratio of 18-19 times our $235 EPS estimate for 2023. On the flip side, a potential Fed policy mistake, a possible recession in 2023, and heightened geopolitical tensions present risks to the downside. All index data from FactSet.

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Marketing Marketing Valuation Insurance 52

James Hendries

SEPTEMBER 27, 2022

While we still think the consumer is in better shape than during previous Fed rate hiking campaigns, we do think the prospects of a recession have increased for 2023. It is also a major component used to calculate the price-to-earnings valuation ratio. Insurance products are offered through LPL or its licensed affiliates.

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Asset Allocation Marketing Marketing Assets 52

James Hendries

AUGUST 15, 2022

But that doesn’t change our belief that stocks have more room to run through year end and into 2023. It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio. All index data from FactSet.

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Marketing Marketing Economy Valuation 52

James Hendries

SEPTEMBER 20, 2022

While we don’t think a recession is likely this year, we do think it’s roughly a 50/50 proposition in 2023. It is a financial ratio used for valuation: a higher PE ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with lower PE ratio. All index data from FactSet.

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Marketing Marketing Economy Economics 52