Category: Blog

Coronavirus Crisis and Reopening the U.S. Economy This map shows which states are reopening amid the coronavirus pandemic. Image: Bloomberg

Fiscal and Monetary Policy – S&P 500 Real Total Return vs. the Fed Balance Sheet This chart shows the S&P 500 Real Total Return vs. the Fed balance sheet since 1937. Image: Fidelity Investments

Coronavirus Crisis and Bankruptcies So far, bankruptcies in the United States remain limited. Image: Goldman Sachs Global Investment Research

Coronavirus Lockdown Measures and Impact on Global Real GDP According to Goldman Sachs, coronavirus lockdown measures have reduced global GDP by an estimated 16%. Image: Goldman Sachs Global Investment Research

Fiscal Policy – U.S. Fiscal Response to Coronavirus and Global Financial Crisis This chart puts into perspective the massive U.S. fiscal response to the coronavirus pandemic in 2020. Image: Goldman Sachs Global Investment Research

G4 Central Bank Balance Sheet, Flow The combined G4 central bank balance sheet (Fed, ECB, BoJ, BoE) is expected to expand further. Image: J.P. Morgan

Earnings Declines During Recessions Historically, earnings tend to decline by a median of 18% during an U.S. recession. Image: LPL Research

U.S. Stock Value (HML) Drawdowns Is traditional value investing dead? Value factor is down -51% from the peak. Image: Professor Kenneth R. French

S&P 500 vs. Russell 2000 The Russell 2000 has underperformed recently. Tech accounts for 25% of the S&P 500 vs. 15% of the Russell 2000. Image: Goldman Sachs Global Investment Research

Earnings Price Yield for S&P 500 Minus Maturity of 10-Year Treasuries This chart suggests that equities are more attractive relative to fixed income. But the equity risk does not disappear because the spread (earnings yield minus Treasury yield) is positive. Image: Bhirud Associates

ISM PMI and S&P 500 Monthly Return Historically, the best returns for the S&P 500 have been seen when ISM is low and rising. Image: Credit Suisse Research