Performance – U.S. Capex Growers and R&D Innovators vs. S&P 500 U.S. capex growers and R&D innovators have outperformed the S&P 500 by a large margin over the past 20 years. Image: BofA Research Investment Committee
Performance – Capex and R&D ETFs vs. S&P 500 Capex and R&D ETFs are outperforming the S&P 500 so far. Image: BofA Research Investment Committee
S&P 500 YoY Growth – Buybacks vs. Capex and R&D Buybacks were down 10% in 3Q 2019, but it’s good news to see that capex and R&D were up 8%. Image: Goldman Sachs Global Investment Research
U.S. Core Capital Goods Shipment and Non-residential Business Fixed Investment (Capex) Is the “phase one” US-China trade deal enough to reverse the slowdown? Image: Deutsche Bank Global Research
U.S. Discretionary Spending and Recessions Because there are few imbalances, Deutsche Bank suggests that the U.S. expansion could continue for many more years. Note: discreationary spending defined as consumer durable goods, plus business capex, plus residential investment (i.e. PCE durables + gross private domestic investment). Image: Deutsche Bank Global Research
Financial Conditions and Capital Expenditures Easier financial conditions don’t boost capex, amid the current uncertainty over tariffs and the slowdown in global economies. Image: Goldman Sachs Global Investment Research
S&P 500 – Buybacks, Dividends and Capital Expenditures 2018 corporate tax cut boosted dividends and buybacks, but not capex. Image: Deutsche Bank Global Research