The Big Picture

OCTOBER 24, 2022

We talk about everything from when do you think about risk, how do you diversify a portfolio, at what point do you really have to rethink the fundamentals of what’s going on in the economy and the marketplace? And how do we think about them from a valuation perspective? I found this conversation to be absolutely fascinating.

Portfolio 130

Portfolio Management Assets Investing 130

James Hendries

JANUARY 13, 2023

The expectation was predicated on the view that inflation pressures would ease as global economies recalibrated to a post-pandemic environment. economy to avoid recession, and support above-average valuations. While our team underestimated inflation and the resulting hit to valuations last year, there were some wins.

Marketing 52

Marketing Marketing Valuation Asset Allocation 52

James Hendries

JANUARY 26, 2023

Topic 1: Economy Bull case: Consumer is resilient, the labor market is strong, wages are rising, and inflation is coming down steadily. Background: The global economy will likely slow from the upper-2% range in 2022 down to slightly above zero in 2023 ( Figure 1 ). Call us cautious bulls. Our take: The U.S.

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

AUGUST 3, 2022

Perhaps the market’s biggest fear has been that the Fed may overdo its tightening to fight inflation and send the economy into a painful recession, break something, or both. He acknowledged that the economy is slowing (which is what the Fed wants) and that the full effect of the rate hikes had not yet been felt. Of course, the U.S.

Marketing 98

Marketing Marketing Economy Valuation 98

James Hendries

JULY 3, 2023

economy remains on solid footing, and expectations the Fed is close to completing its rate hiking campaign, bankers are hopeful they can begin taking a growing pipeline of companies public. economy and corporate America have has been impressive. It is also a major component used to calculate the price-to-earnings valuation ratio.

Marketing 52

Marketing Marketing Banking Valuation 52

James Hendries

JUNE 20, 2023

As the economy is likely downshifting, investors should take heed that the Federal Reserve’s (Fed) current stance is eerily similar to early 2007. During that time, the Fed held a tightening bias since they believed the housing market was stabilizing, the economy would continue to expand, and inflation risks remained.

Marketing 52

Marketing Marketing Economy Communication 52

James Hendries

JUNE 26, 2023

While the 20% qualifier meets the technical definition of a bull market, there is additional evidence supporting the transition from a bear to bull market. With the broad market overbought in the short-term from a technical analysis perspective and valuations elevated, stocks may be due for a pause. All index data from FactSet.

Marketing 52

Marketing Marketing Asset Allocation Valuation 52

James Hendries

JANUARY 20, 2023

economy grew at a solid 3.2% and European economies, currency effects, and some mitigation of profit margin pressures from cost controls and lower inflation. economy may “muddle through” and skirt recession. It is also a major component used to calculate the price-to-earnings valuation ratio. And don’t forget the U.S.

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

JANUARY 31, 2023

economy is only facing a growth scare and muddles through on the back of a resilient consumer who is flush with cash. 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.

Marketing 52

Marketing Marketing Valuation Insurance 52

James Hendries

DECEMBER 4, 2022

Forward-looking sales estimates paint a more subdued picture, which makes sense given the macro headwinds facing the economy and the consumer. 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. over the last 20 years, pre-2020.

Retail 52

Retail Marketing Marketing Sales 52

James Hendries

AUGUST 15, 2022

We think the move lower in yields may be a bit premature as we expect the economy to stay out of a recession this year. It is also a major component used to calculate the price-toearnings valuation ratio. For a list of descriptions of the indexes referenced in this publication, please visit our website at lplresearch.com/definitions.

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

OCTOBER 7, 2022

economy following disappointing August inflation data was the top cause of the market’s struggles. It is also a major component used to calculate the price-toearnings valuation ratio. For a list of descriptions of the indexes referenced in this publication, please visit our website at lplresearch.com/definitions.

Portfolio 52

Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

JULY 13, 2022

Market participants remained on edge due to high inflation and the risk that the Federal Reserve over-tightens monetary policy to combat it, potentially sending the economy into recession. It is also a major component used to calculate the price-toearnings valuation ratio. After an 8.4%

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

SEPTEMBER 27, 2022

While both core and core plus funds focus on investment grade (IG) rated bonds, by definition, core bond funds hold less than 5% of net assets in below IG rated bonds (on average, less than 2% over the last 36 months). It is also a major component used to calculate the price-to-earnings valuation ratio. All index data from FactSet.

Asset Allocation 52

Asset Allocation Marketing Marketing Assets 52

The Big Picture

SEPTEMBER 5, 2023

And we’d sort of turn that into a valuation business. MILLER: Well actually I thought, leading up to the great financial crisis, I thought to myself, we’re going to be out of business within a couple of years because nobody wanted an independent valuation. What are the, you know, I’d literally have it in my handheld.

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. economy will avoid recession. Remember stock valuations are inversely correlated to inflation and interest rates.

Marketing 52

Marketing Marketing Valuation Economy 52

The Big Picture

FEBRUARY 7, 2023

And you know, so there was starting to be some data and evidence that this chemical, you know, could be dangerous to people, but not necessarily completely definitive. And he produced a document that was supposedly, you know, definitive, and that became pretty much totally debunked. He was taking fees for licensing his name.

Engineering 250

Engineering Banking Management Numbers 250