The Big Picture

FEBRUARY 6, 2024

00:13:13 [Speaker Changed] It’s an improvement of value or refinement on the definition of value. 00:15:17 [Speaker Changed] So let’s get into some of the definitions of this. 00:16:11 [Speaker Changed] Given that definition of quality, has that evolved or changed over time? How does GMO define quality?

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James Hendries

AUGUST 3, 2022

The technical definition of recession is not two consecutive quarters of negative growth as many believe, but rather must include these three ingredients: A significant decline. The official arbiter of business cycle dating is the National Bureau of Economic Research (NBER). The economic growth outlook has weakened.

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The Big Picture

SEPTEMBER 3, 2024

A bachelor’s in economics from Northwestern and then an MBA from University of Chicago. And so I kind of leveraged that when I went to Morningstar because they’re very focused on quality, the whole concept of economic moats, but also about buying companies when they’re trading at a discount to intrinsic value.

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James Hendries

OCTOBER 25, 2022

Technical Definition. First, a recession has an important technical definition that’s different than what many people think. Often that view is a good general approximation but not the technical definition. The National Bureau of Economic Research (NBER) is the official arbiter of U.S.

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Carson Wealth

OCTOBER 7, 2024

If you’re wondering why economic growth keeps exceeding a lot of people’s expectations, especially after recent upward revisions, here’s why: Income growth is powering the economy, as opposed to credit. But even if you want to take the economic data with buckets of salt, just look at the market. away from being rounded down to 4.0%.

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Mr. Money Mustache

FEBRUARY 25, 2025

After all, if you look at the history of US economic growth over time, it averages out to a surprisingly steady figure, decade after decade: about 3% after inflation. although in my opinion its okay to check in weekly with The Economist, which has been my favorite source of world economic news for 32 years and counting!

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Dear Mr. Market

AUGUST 5, 2022

Inflation is currently at 40 year highs with increasing signs of slowing economic growth. We’re currently seeing one of the largest disparities in valuations between growth and value stocks which in our opinion presents a very appealing opportunity for dividend seeking investors.

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Portfolio Risk Tolerance Valuation Investing 105

Brown Advisory

FEBRUARY 15, 2019

Later in the year, markets became anxious about other topics, such as a potential economic slowdown, a new level of dysfunction in Washington (including unusual executive challenges to the Fed's independence and an extended partial government shutdown), and escalating trade disputes between the U.S. equity exposure.

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The Irrelevant Investor

SEPTEMBER 13, 2020

One of the basic concepts in economics is that things get more expensive over time. Today, it takes that same number, by definition. As we've seen over the past decade, inflation is one of the least understood concepts in all of economics. But there is a lot of nuance in such a simple idea.

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Electronics Valuation Economics Manufacturing 52

The Big Picture

APRIL 18, 2023

In the short run, there can be distortions in public market valuations as we saw in 2001 and we saw prior to that in 2007, and prior to that in 2000, in ‘99. they definitely did that. Valuations go up and you saw it, of course, in the late ‘90s, in the tech sector. BARATTA: Yeah. In the long run. BARATTA: Well.,

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Brown Advisory

JUNE 3, 2015

The economic expansion is weak and inflation is still below the central bank’s 2% target. equity market: A comparatively quick interest rate increase counteracts the benefit from stronger economic growth, impairing profitability and valuations. Concern about future economic growth undermines valuations.

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Valuation Economy Banking Economics 52

James Hendries

JANUARY 13, 2023

Lessons learned: Economic forecasts The Fed’s bark was as bad as its bite! economy to avoid recession, and support above-average valuations. The hit to valuations in the form of about 4 P/E points (21 to 17) translates into a roughly 20% drop in the S&P 500 Index. Here are some of our lessons learned from 2022.

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Truemind Capital

SEPTEMBER 13, 2021

Sentiment cycles move from one extreme of greed to another extreme of fear which takes valuations also to extremes from their long-term averages. At the extreme of fear sentiment (which coincides with dirt-cheap valuations), the risk-reward is highly favorable i.e., higher potential upside with lower potential downside risk.

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Marketing Marketing Valuation Retail 52

David Nelson

AUGUST 22, 2022

Most valuation models start and end with the risk-free rate and any movement or even the perception of a change in future policy has an enormous impact on multiples and with-it equity prices. By definition a Black Swan event can’t be predicted but it doesn’t keep us from trying. The Black Swan I left the best for last.

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James Hendries

AUGUST 5, 2022

The rule of thumb is two quarters of negative GDP defines a recession, but the official definition by the National Bureau of Economic Research is broader than that. Market-based interest rates—those not controlled by the Fed—have come down quite a bit, supporting stock valuations.

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Marketing Marketing Valuation Economy 52

The Big Picture

JULY 19, 2022

And when I was studying in university economics, I did not really get the passion. Certainly, it does definitely get to behavioral advices. ILMANEN: It’s always good to think of starting yields and valuation sort of two sides of the same coin. My really first stroke of luck, I think, was getting that job. Explain that.

Investing 130

Investing Investments Valuation Portfolio 130

James Hendries

AUGUST 15, 2022

The rule of thumb is two quarters of negative GDP defines a recession, but the official definition by the National Bureau of Economic Research is broader than that. Market-based interest rates those not controlled by the Fed—have come down quite a bit, supporting stock valuations.

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Brown Advisory

APRIL 18, 2018

Balancing Act | For Good Measure: How We Value Global Leaders achen Wed, 04/18/2018 - 11:03 Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio.

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Brown Advisory

APRIL 18, 2018

Valuation is a critical component of active investment management, yet many investors restrict themselves to a very narrow view of valuation by focusing on simple metrics like the price/earnings (P/E) ratio. This makes ratios like the P/E ratio dangerous as a valuation tool. Wed, 04/18/2018 - 11:03.

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Cornerstone Financial Advisory

MARCH 6, 2023

4 Disconcerting Economic Data It was a relatively quiet week for economic news, but several new economic data reports gave insights into overall activity. This Week: Key Economic Data Monday: Factory Orders. Source: Econoday, March 3, 2023 The Econoday economic calendar lists upcoming U.S.

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Marketing Marketing Taxes Economics 59

James Hendries

NOVEMBER 3, 2022

Some recent softening in economic data, coupled with signals from the bond market, may be indicating that Fed policymakers’ concerted inflation fight may be closer to the end than the beginning. We should also have slowing corporate earnings growth and greater economic uncertainty to contend with, some formidable seas to navigate.

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Trade Brains

MAY 22, 2023

One of the best websites to check the financial statements of a company that I would definitely recommend you to check is Trade Brains Portal. Valuation: Find out if its valuation is fair and if it is worth investing in. The three layers of financial analysis are Economic Analysis, Industry Analysis, and Company Analysis.

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Investing Investments Valuation Assets 98

Cornerstone Financial Advisory

FEBRUARY 6, 2023

5 This Week: Key Economic Data Thursday: Jobless Claims. Source: Econoday, February 3, 2023 The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. Friday: Consumer Sentiment.

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Marketing Marketing Taxes Economics 59

James Hendries

DECEMBER 4, 2022

Economic and corporate data support the initial strong reads on holiday retail sales despite the macro headwinds, reinforcing the idea that today’s consumer is in a better position than usual at this point in the business cycle. Any economic forecasts set forth may not develop as predicted and are subject to change.

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Validea

APRIL 1, 2024

While there is no single universally accepted definition, most quality-focused investors look at factors such as: The Definition of Quality Return on Invested Capital (ROIC): This measures how efficiently a company generates returns on the capital it deploys. So what exactly constitutes a “high quality” company?

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Investing Investments Pharmaceutical Portfolio 52

Trade Brains

AUGUST 19, 2022

He teaches MBA students (at MDI Gurgaon) two popular courses: “Behavioral Finance & Business Valuation” and “Financial Shenanigans & Governance”. On fundoo professor blog, Mr. Bakshi shares his thoughts as a teacher & practitioner of value investing and behavioral economics. Nitin Bhatia. Website: [link].

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James Hendries

JULY 3, 2023

While activity remains muted at best, expectations are focused on 2024, when there is a prevailing consensus that the Federal Reserve (Fed) will be finished with its rate hike campaign, and that economic conditions will be resilient enough to underpin a strong capital markets environment. With economic data continuing to suggest the U.S.

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Marketing Marketing Banking Valuation 52

Cornerstone Financial Advisory

JUNE 27, 2022

Though the weekly gain was a welcome respite from the market’s downward trend, declining bond yields and falling food and energy prices can also be interpreted as signs of slowing economic growth, which may represent a headwind for corporate earnings in the months ahead. This Week: Key Economic Data. Powell Testifies.

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Brown Advisory

MARCH 30, 2018

Economic growth and corporate earnings across the world improved notably throughout 2017, led by an acceleration in Europe, a rebound in emerging markets and improved sentiment in some U.S. Upside risk” that stock valuations shift even higher. sectors due to the recent tax law overhaul. China’s “credit bubble” bursts.

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Asset Allocation Portfolio Assets Valuation 52

James Hendries

JANUARY 26, 2023

Easing inflation pressures and a stable job market with only modest additional tightening from the Fed are keys to limiting the severity of an economic downturn. The dotted grey line highlights the latest Summary of Economic Projections (SEP) from the Fed, which shows policymakers’ forecast for a fed funds rate of 5.1%

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Marketing Marketing Economy Economics 52

Brown Advisory

JUNE 24, 2019

That metaphor is particularly fitting for economic and credit cycles. Investors in corporate credit are generally looking at the same risks as equity investors, and during times of economic or company-specific stress, value tends to shift “up” the capital structure—i.e., Test enterprise valuation. Test the worst-case scenario.

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Investments Investing Valuation Portfolio 52

Brown Advisory

JUNE 24, 2019

That metaphor is particularly fitting for economic and credit cycles. Investors in corporate credit are generally looking at the same risks as equity investors, and during times of economic or company-specific stress, value tends to shift “up” the capital structure—i.e., Test enterprise valuation. Test the worst-case scenario.

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Investments Investing Valuation Portfolio 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.

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James Hendries

SEPTEMBER 27, 2022

As we know from historical precedents, when the Fed aggressively raises rates, economic growth slows or outright contracts, which is the Fed’s goal. High quality bonds tend to perform relatively well during economic slowdowns and/or contractions. Any economic forecasts set forth may not develop as predicted and are subject to change.

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Brown Advisory

JANUARY 18, 2024

The question for investors today is whether this optimistic scenario is largely priced into valuations. Additionally, the elevated valuation multiple is founded on an expectation of 11-12% EPS growth in 2024, at a time when near-term earnings expectations have been substantially lowered. At year-end, the S&P 500 Index traded at 19.5x

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James Hendries

AUGUST 15, 2022

due to expectations of slowing economic growth. Any economic forecasts set forth may not develop as predicted and are subject to change. It is also a major component used to calculate the price-toearnings valuation ratio. 10-year Treasury yields have fallen by close to 80 basis points since the recent decade high of 3.5%

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James Hendries

JUNE 20, 2023

That’s not suggesting another 2008 is coming, but rather highlights how fast the economic environment can change. Along with the statement, the Committee updated the Summary of Economic Projections (SEP), which is arguably more important than the brief monetary policy statement.

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