S&P 500 Valuation Dispersion on Forward P/E – Value vs. Growth

S&P 500 Valuation Dispersion on Forward P/E – Value vs. Growth When valuation dispersion was this high or higher, value stocks tended to outperform growth stocks (95% of the time) over the next 12 months. Image: BofA Merrill Lynch US Equity & US Quant Strategy

S&P 500 YoY Growth – Buybacks vs. Capex and R&D

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

Central Banks Balance Sheet Growth

Central Banks Balance Sheet Growth The unprecedented growth in central banks’ balance sheets is distorting financial markets. Image: BofA Merrill Lynch Global Research