James Hendries

JUNE 26, 2023

Investment Outlook Stocks have had a strong rally over the past eight months to establish a new 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. Insurance products are offered through LPL or its licensed affiliates.

Marketing 52

Marketing Marketing Asset Allocation Valuation 52

James Hendries

AUGUST 15, 2022

Corporate bonds are considered higher risk than government bonds. It is also a major component used to calculate the price-toearnings valuation ratio. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

OCTOBER 7, 2022

Corporate bonds are considered higher risk than government bonds. It is also a major component used to calculate the price-toearnings valuation ratio. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

Portfolio 52

Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

JULY 3, 2023

Investment Conclusion Stocks have celebrated the newly minted bull market, closing out one of the best first halves for the S&P 500 in recent decades, up 15.9%, and a third consecutive quarterly gain over 7%. It is also a major component used to calculate the price-to-earnings valuation ratio. All index data from FactSet.

Marketing 52

Marketing Marketing Banking Valuation 52

James Hendries

SEPTEMBER 8, 2022

Corporate bonds are considered higher risk than government bonds. It is also a major component used to calculate the price-toearnings valuation ratio. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

Portfolio 52

Portfolio Taxes Investment Advisor Asset Allocation 52

James Hendries

JULY 13, 2022

Corporate bonds are considered higher risk than government bonds. It is also a major component used to calculate the price-toearnings valuation ratio. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

Portfolio 52

Portfolio Asset Allocation Taxes Investment Advisor 52

James Hendries

OCTOBER 11, 2022

A stimulus packed government ‘mini budget’ announcement that included significant unfunded tax cuts sent sterling spiraling to an all-time low of $1.035 per pound, see Figure 1 , as currency markets panicked about the U.K.’s government backtracking on some of the tax cuts) but have been edging up again in the past few days.

Marketing 52

Marketing Marketing Banking Government 52

James Hendries

MARCH 6, 2023

Industry data already show declining rent prices, so it’s just a matter of time before the official government statistics reflect that easing. Higher interest rates are challenging stock valuations and perhaps pushing the gains further out in 2023, but we still see solid potential for double-digit returns for stocks this year.

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

JUNE 20, 2023

As such, we don’t think it will be long before official government numbers reflect the decrease in rent prices. 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.

Marketing 52

Marketing Marketing Economy Communication 52

James Hendries

AUGUST 23, 2022

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.

Marketing 98

Marketing Marketing Sales Economy 98

James Hendries

OCTOBER 18, 2022

But overall, we would expect modest estimate cuts to be received positively by markets, supported by lower valuations and depressed investor sentiment. rather than 4%) could prop up valuations, stocks will likely take their cues from earnings in the near term. Insurance products are offered through LPL or its licensed affiliates.

Marketing 52

Marketing Marketing Valuation Economics 52

James Hendries

JANUARY 26, 2023

In addition, the government is enacting policies to help the beleaguered and debt-laden property development market. Moreover, government officials have stressed they want to ensure personal consumption, or personal spending, gains momentum following years of pent-up demand as fears of lockdowns dominated consumer activity.

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

AUGUST 15, 2022

Job gains were broad-based and especially prominent in sectors such as education, health care, and government. 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. is currently not in recession.

Marketing 52

Marketing Marketing Economy Valuation 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.

Marketing 52

Marketing Marketing Valuation Economics 52

James Hendries

NOVEMBER 15, 2022

Growth stocks typically trade at higher valuations on the premise that an investor is buying a company now that will grow to be a much larger company, producing higher levels of cash and profit in the future. Increasing the discount rate, which lowers the present value of future cash flows, and company valuations.

Marketing 52

Marketing Marketing Asset Allocation Valuation 52

James Hendries

SEPTEMBER 13, 2022

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.

Marketing 52

Marketing Marketing Economy Valuation 52

James Hendries

AUGUST 3, 2022

The economy is still feeling the ripple effects from the government-induced shutdowns. 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. Of course, the U.S. All index data from FactSet.

Marketing 98

Marketing Marketing Economy Valuation 98

James Hendries

OCTOBER 25, 2022

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.

Marketing 52

Marketing Marketing Economics Economy 52

James Hendries

JANUARY 31, 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 Bloomberg.

Marketing 52

Marketing Marketing Valuation Insurance 52

James Hendries

NOVEMBER 22, 2022

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 Bloomberg.

Marketing 52

Marketing Marketing Valuation Asset Allocation 52

James Hendries

NOVEMBER 1, 2022

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.

Marketing 52

Marketing Marketing Manufacturing Economy 52

James Hendries

SEPTEMBER 20, 2022

Existing liquidity in many government bond markets remains poor, so the Fed will likely have to proceed cautiously to ensure the most important bond market—the Treasury market—remains fully functional. It is also a major component used to calculate the price-to-earnings valuation ratio. All index data from FactSet.

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

JANUARY 20, 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 Bloomberg.

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

SEPTEMBER 7, 2022

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.

Marketing 52

Marketing Marketing Valuation Insurance 52

James Hendries

OCTOBER 4, 2022

But much of China’s expansion in real estate domestically and abroad was fueled by enormous debt that ultimately led to bailouts and various forms of receivership by the Chinese government. It is also a major component used to calculate the price-to-earnings valuation ratio. All index data from FactSet.

Marketing 52

Marketing Marketing Economy Economics 52

James Hendries

SEPTEMBER 27, 2022

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.

Asset Allocation 52

Asset Allocation Marketing Marketing Assets 52

James Hendries

AUGUST 15, 2022

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.

Marketing 52

Marketing Marketing Economy Valuation 52

James Hendries

DECEMBER 4, 2022

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. 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.

Retail 52

Retail Marketing Marketing Sales 52

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.

Marketing 52

Marketing Marketing Valuation Economy 52

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.

Management 52

Management Marketing Marketing Valuation 52

James Hendries

FEBRUARY 27, 2023

While concerns about the debt ceiling have been increasing, markets, businesses, and the economy are likely to see only minimal impact until we are days, or maybe a few weeks, from the “x date,” the date on which the federal government will no longer be able to meet all its obligations, likely in the summer or early fall.

Marketing 52

Marketing Marketing Government Economy 52

James Hendries

NOVEMBER 8, 2022

This alone would be enough to give us a mixed government, where a party different from the president’s controls at least one Chamber of Congress. Historically, there are two key general takeaways from midterms: 1) Markets like them to be over and 2) Markets prefer mixed government. The first one is just a matter of time passing.

Marketing 52

Marketing Marketing Government Banking 52