ClearMoney

NOVEMBER 4, 2021

As with many things in life, the truth is somewhere between the extremes: While both simulated and real-world data suggest momentum may not be suitable as a driver of long-term asset allocations, we believe momentum considerations can be integrated in a cost-effective way to help inform daily portfolio management decisions.

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Truemind Capital

MARCH 20, 2020

In good times i.e. when the market valuations are usually very high, everyone agrees to the logic of buying low and selling high. Not understanding the role & importance of tactical asset allocation (overweight debt in euphoric times and overweight equity in a time of acute pessimism) in creating superior returns over the long term.

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James Hendries

JUNE 26, 2023

However, the impending end of the Federal Reserve (Fed) rate-hiking campaign, and the economy’s and corporate America’s resilience, help make the bull case that steers LPL Research toward a neutral, rather than negative, equities view from a tactical asset allocation perspective. At the same time, the resilience of the U.S.

Marketing 52

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James Hendries

NOVEMBER 15, 2022

One equity market debate discussed frequently in the LPL Research Strategic & Tactical Asset Allocation Committee (STAAC) is the growth vs. value style reversal experienced the past 12 months. 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

DECEMBER 4, 2022

over the last 20 years, pre-2020. 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. Earnings per share (EPS) is the portion of a company’s profit allocated to each outstanding share of common stock. All index data from Bloomberg.

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James Hendries

AUGUST 15, 2022

Total employment has returned to pre-pandemic levels in February 2020 but not back to pre-pandemic trends [ Figure 1 ]. percentage points below February 2020, and the largest gaps were for those of high school and college age and those 55 years old and up [ Figure 2 ]. Overall, the July labor force participation rate was 1.3

Marketing 52

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The Big Picture

AUGUST 20, 2024

And so in the 1990s, I developed the, the late 1980s, early 1990s, I developed a skillset around valuation, in particular discounted cash flow or residual income type models, along with a couple of peers out of the consulting industry. 00:04:02 That’s what value add software was originally. Otherwise, why not just buy passive?

Assets 173

Assets Management Portfolio Marketing 173

Investing Caffeine

APRIL 1, 2022

As I pointed out last month, we are coming off a heroic advance over the last three years (2019/2020/2021) with the S&P 500 soaring +90%. They certainly could, but valuations remain attractive given where interest rates currently stand. Source: Yardeni.com. Could the headwinds previously described cause prices to go lower?

Economy 59

Economy Economics Valuation Investing 59

The Big Picture

MARCH 5, 2024

So they’d give individual asset allocation to people and they’d go invest their money. The unrated piece yielded 2020 5% where the rated piece would yield three to 5%. What happened over the last year and a half or so is rates went up and valuations went down. This was gonna be a multi-strategy vehicle.

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The Big Picture

JANUARY 21, 2025

I did it during the coronavirus collapse in 2020, and I did it again in 2022. I think it’s very hard to say stocks are objectively cheap because all of these valuation metrics have, have become unreliable over the decades as the nature of the stock market has changed. I did it in 2000, 2002. I did it in 2008 in oh nine.

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Dear Mr. Market

MARCH 17, 2024

EOG is poised to breakout and trades at bargain valuation of about nine times earnings (relative to the S&P at 23 times earnings and a touch under the overall energy sector of 12 times earnings). That said, it loses early in round one simply due to us believing it’s close to full valuation and due for a breather.

Investing 93

Investing Investments Portfolio Assets 93

The Big Picture

AUGUST 29, 2023

So there’s been a big push for folks to get the appropriate level of asset allocation in a highly diversified, low cost way. DAVIS: Where international equities, because of valuations, probably 7% to 7.5%. RITHOLTZ: So let’s talk about that, because that gap in valuation has persisted for a long time.

Portfolio 130

Portfolio Investing Investments Numbers 130

Investing Caffeine

FEBRUARY 1, 2022

T he stock market has been like a rocket ship over the last three years 2019/2020/2021, advancing +90% as measured by the S&P 500 index, and +136% for the NASDAQ. After this meteoric multi-year rise, stock values started to come back to earth in 2022, and the rocket ship turned into a roller coaster during January.

Math 52

Math Assets Investing Investments 52

Brown Advisory

OCTOBER 11, 2021

We believe that the investment return needed to achieve that objective should be the most important guidepost for a portfolio’s asset allocation. With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. Dates: 1/31/1995 to 9/30/2020.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

We believe that the investment return needed to achieve that objective should be the most important guidepost for a portfolio’s asset allocation. With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. Dates: 1/31/1995 to 9/30/2020.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

MARCH 30, 2020

Managing Liquidity in the Coronavirus Market ajackson Mon, 03/30/2020 - 16:04 This article was written by Sid Ahl, Taylor Graff, Adam King and J.R. Consider how we defined investment risk in our 2018 asset allocation publication, Confronting the Unknown: “The probability that a portfolio will not meet an investor’s needs.”

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Brown Advisory

MARCH 30, 2020

Mon, 03/30/2020 - 16:04. Consider how we defined investment risk in our 2018 asset allocation publication, Confronting the Unknown: “The probability that a portfolio will not meet an investor’s needs.” 3/16/2020. Source: BLOOMBERG as of 3/31/2020. Managing Liquidity in the Coronavirus Market. Harsh Reaction.

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Brown Advisory

AUGUST 6, 2019

As head of asset allocation research in our Investment Solutions Group, he is responsible for analyzing the relative attractiveness of various asset classes and investment strategies. Valuations are elevated but nowhere near the bubble levels of the late 1990s. GDP than it was 100 years ago.

Investing 52

Investing Investments Clients Portfolio Management 52

Brown Advisory

AUGUST 6, 2019

As head of asset allocation research in our Investment Solutions Group, he is responsible for analyzing the relative attractiveness of various asset classes and investment strategies. Valuations are elevated but nowhere near the bubble levels of the late 1990s. GDP than it was 100 years ago.

Investing 52

Investing Investments Clients Portfolio Management 52

The Better Letter

JANUARY 26, 2024

Dent got a big market decline in 2020, but because of Covid, not for any of the reasons he cited. 2014 : “What concerns us beyond valuations is the full ensemble of overvalued, overbought, overbullish conditions.” 2020 : “[E]xtreme valuations. ” The S&P earned 15.89 2015 : “Exit now.”

Assets 105

Assets Valuation Management Marketing 105

The Big Picture

MARCH 26, 2024

He wasn’t tactical asset allocator. It’s about long-term planning and strategic asset allocation and, and just understanding how markets work and how behavior comes into the mix. It’s money that represents the cash needs or the, the, the liquidity side of, of asset allocation.

Marketing 147

Marketing Marketing Investing Investments 147

The Big Picture

MARCH 14, 2023

He launched his own firm right into the teeth of the collapse in ’09, which turned out to be quite a fortuitous time to launch an asset management shop. Everybody wants to sell a company when they get a good valuation. RITHOLTZ: — heading into 2020? So we do a lot of valuation work. BERNSTEIN: Correct.

Economy 162

Economy Investing Investments Portfolio 162

The Big Picture

DECEMBER 20, 2022

It’s just a fascinating conversation about looking at the world from both bottoms up and top-down, as well as thinking about what valuations are like, how likely are macro events, the impact you’re getting not just the return on capital, but as famously said in fixed income, a return of your capital. RITHOLTZ: Really quite fascinating.

Banking 162

Banking Assets Government Marketing 162

The Big Picture

JANUARY 27, 2025

Yeah, Mike Freno : It’s, it, it was a, I stepped in in November of 2020, so it’s ’cause a lot of things were going on during that period of time. The parent company handles all the asset liability management side of things. They give us asset allocations, we go ahead and and and and invest those dollars.

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Assets Insurance Management Investing 147

The Big Picture

MAY 21, 2024

What, what was your experience during the first quarter of 2020 during the pandemic s and p down 34%. And one of the worst performing factors has been valuation. And I think that’s wrong because valuation does matter. And now we’re just assuming that’s gonna repeat over and over again.

Numbers 147

Numbers Management Banking Marketing 147

The Big Picture

NOVEMBER 25, 2024

And are you saying the recession in 2020 is similar to recession in the 1950s? 00:21:21 [Speaker Changed] So this story came out that, oh, value is defensive because it has this valuation buffer to it 00:21:28 [Speaker Changed] In that one example. 12, 14 even that not a lot of numbers. It’s such a different world.

Portfolio 147

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Truemind Capital

JANUARY 17, 2025

The FY25 earnings growth estimate has been reduced to ~5% now, the lowest since FY 2020. Overall, we maintain our underweight position to equity (check the asset allocation below) on the back of pricey markets- the current PE ratio of 22.7x Most of our portfolios include a small allocation to Chinese markets.

Financial Market 59

Financial Market Marketing Marketing Asset Allocation 59

The Big Picture

JUNE 3, 2024

And so I worked a lot on the asset allocation side. Again, as I said, we’ve worked in asset allocation. And you know, it’s the same thing when valuation gets outta control too. It will come home to roost at some point, but doesn’t mean the valuation can’t get worse. They have yield.

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