10-Year Rolling Annualized Equity vs. Bond Performance (Ex Post Equity Risk Premia) Over the past decade, U.S. stocks have crushed bonds by a margin not seen since the 1920s and 1950s. But with yields rising,…
U.S. Small Cap Stocks – S&P 600 / S&P 500 Pressure is mounting on U.S. small caps. The S&P 600 has broken below its 50-day moving average, ending a run of outperformance that began in…
U.S. Core PCE Inflation Forecast Goldman Sachs sees U.S. core PCE cooling to 2.2% year-over-year by Q4 2027, and that makes a string of additional rate hikes beyond today’s pricing hard to justify. Image: Goldman…
Valuation Percentile – Shiller P/E and U.S. 10-Year Yield The Shiller P/E says US equities are expensive. The 10‑year U.S. Treasury yield, by comparison, is back around its historical average. Is it time to favor…
Discretionary Investors Equity Positioning and ISM Manufacturing Discretionary investors remain underweight equities even as the ISM Manufacturing PMI stays solidly in expansion, leaving room to add risk. Image: Deutsche Bank Asset Allocation
Capex to Operating Cash Flow for U.S. and China Hyperscalers U.S. hyperscalers are on track to spend more than their operating cash flow in 2026, 2027 and 2028. The market’s question has shifted from “Can…
Systematic Strategies Equity Positioning vs. S&P 500 Realized Volatility Systematic strategies remain heavily overweight, with positioning in the 88th percentile. That alone is no immediate sell signal. Positioning can stay stretched as long as the…
Discretionary Positioning vs. Earning Growth Discretionary investors are still positioned cautiously relative to the strength of earnings growth. With revisions still supportive and macro risks contained, more cash could move into stocks. Image: Deutsche Bank…
MSCI World Sector/Style Valuations Valuations are rich across sectors and styles, leaving investors with almost no cushion. A slight turn in mood could push prices lower, with few supports below. Image: Goldman Sachs Global Investment…
S&P 500 2027 EPS Growth Based on Semiconductor Gross Margin Scenarios With semiconductors now an outsized, high-margin engine for the S&P 500, 2027 earnings growth is highly sensitive to how chip margins evolve. Image: Goldman…
5-Year Rolling Return of U.S. 10-Year Bonds Five-year rolling returns on 10-year U.S. Treasuries are now among the worst in a century, both before and after inflation. Much of the damage was done in the…