James Hendries

AUGUST 15, 2022

We maintain our preference for equities over fixed income and cash in our recommended tactical asset allocation. Stock valuations are higher but bond yields are still low enough to support valuations with the 10-year Treasury yield well under 3% despite the big jobs number. Click here to download a PDF of this report.

Marketing 52

Marketing Marketing Economy Valuation 52

James Hendries

JULY 13, 2022

Increased equity exposure in tactical asset allocation from 62% to 65%. The Strategic and Tactical Asset Allocation Committee (STAAC) changed its recommended asset allocation for July, shifting from core bonds to small cap equities. Click here to download a PDF of this report. Treasury yield hit a decade high 3.5%

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

AUGUST 15, 2022

The Strategic and Tactical Asset Allocation Committee (STAAC) made no changes to its recommended asset allocation for August. Click here to download a PDF of this report. It is also a major component used to calculate the price-toearnings valuation ratio.

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

AUGUST 30, 2022

In our Midyear Outlook 2022: Navigating Turbulence , released back in mid-July, we wrote that it was tough to see the bull case through the cloud cover, but that an improved macroeconomic environment may set the stage for higher valuations, further earnings growth, and solid gains for stocks over the rest of the year. IMPORTANT DISCLOSURES.

Marketing 52

Marketing Marketing Valuation Economics 52

James Hendries

SEPTEMBER 13, 2022

Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. 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.

Marketing 52

Marketing Marketing Economy Valuation 52

James Hendries

OCTOBER 25, 2022

Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. 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.

Marketing 52

Marketing Marketing Economics Economy 52

James Hendries

OCTOBER 11, 2022

In addition, a major structural re-organization is in the planning stages that will involve sales of assets and spinning off parts of the international business. Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index.

Marketing 52

Marketing Marketing Banking Government 52

James Hendries

NOVEMBER 15, 2022

The Strategic and Tactical Asset Allocation Committee’s (STAAC) S&P 500 year-end fair value target of 4,000-4,100 is based on a price-to-earnings ratio of 17.5 Click here to download a PDF of this report. It is also a major component used to calculate the price-toearnings valuation ratio. IMPORTANT DISCLOSURES.

Portfolio 52

Portfolio Taxes Government Investment Advisor 52

James Hendries

OCTOBER 7, 2022

The Strategic and Tactical Asset Allocation Committee (STAAC) upgraded its view of duration to neutral. Click here to download a PDF of this report. It is also a major component used to calculate the price-toearnings valuation ratio. Insurance products are offered through LPL or its licensed affiliates.

Portfolio 52

Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

SEPTEMBER 8, 2022

The Strategic and Tactical Asset Allocation Committee (STAAC) downgraded its view of emerging market (EM) equities in August. Click here to download a PDF of this report. It is also a major component used to calculate the price-toearnings valuation ratio. Insurance products are offered through LPL or its licensed affiliates.

Portfolio 52

Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

NOVEMBER 1, 2022

Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. 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.

Marketing 52

Marketing Marketing Manufacturing Economy 52

James Hendries

AUGUST 3, 2022

We still expect a growing economy, steady, if not solid, earnings gains ahead, and stable interest rates to fuel higher stock prices, although further gains will be more difficult to achieve given the time it will take for inflation to come down enough for the Fed to more strongly signal a pause and higher valuations. IMPORTANT DISCLOSURES.

Marketing 98

Marketing Marketing Economy Valuation 98

James Hendries

SEPTEMBER 7, 2022

Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. 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.

Marketing 52

Marketing Marketing Valuation Insurance 52

James Hendries

AUGUST 15, 2022

Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. 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.

Marketing 52

Marketing Marketing Economy Valuation 52

James Hendries

SEPTEMBER 20, 2022

Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. 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.

Marketing 52

Marketing Marketing Economy Banking 52

James Hendries

OCTOBER 4, 2022

Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. 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.

Marketing 52

Marketing Marketing Economy Economics 52

The Big Picture

JUNE 18, 2024

You can stream and download our full conversation, including any podcast extras, on Apple Podcasts , Spotify , YouTube , and Bloomberg. So we think of Fidelity as like this big giant stodgy asset manager. I got the sense that, so Churnin takes 51% for a fairly modest valuation, 10 or $15 million. It was run by women.

Media 144

Media Food Advertising Investing 144

The Big Picture

SEPTEMBER 5, 2023

You can stream and download our full conversation, including any podcast extras, on iTunes , Spotify , Stitcher , Google , YouTube , and Bloomberg. And we’d sort of turn that into a valuation business. MILLER: Yeah, the challenge is that when we’re looking at valuation of a property, we’re looking more than price.

Sales 130

Sales Numbers Taxes Marketing 130

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. Money market assets are also nearly $1 trillion above December 2019 levels. Not out of the woods but some encouraging signs.

Marketing 52

Marketing Marketing Valuation Economy 52

The Big Picture

FEBRUARY 7, 2023

You can stream and download our full conversation, including any podcast extras, on iTunes , Spotify , Stitcher , Google , YouTube , and Bloomberg. You know, if you’ve got $650 billion of assets floating around, including loans of actual buildings because you’re in the real estate business — RITHOLTZ: Right.

Engineering 256

Engineering Banking Numbers Management 256

James Hendries

NOVEMBER 8, 2022

Barry Gilbert , PhD, CFA, Asset Allocation Strategist, LPL Financial. Click here to download a PDF of this report. References to markets, asset classes, and sectors are generally regarding the corresponding market index. It is also a major component used to calculate the price-to-earnings valuation ratio.

Marketing 52

Marketing Marketing Government Banking 52