FMS Investors – Net % Saying Gold Overvalued According to FMS investors, gold is currently considered the most overvalued since August 2020, raising concerns about a potential market bubble. Image: BofA Global Fund Manager Survey
Performance – Growth vs. Value During times of scarce growth, growth stocks tend to outperform value stocks, while during periods of plentiful growth, value stocks tend to outperform growth stocks. Image: Goldman Sachs Global Investment Research
Growth vs. Value – Relative Price Return In 2023, growth stocks have outperformed value stocks by a significant margin. This is often the case when economic growth is relatively weak and inflation declines. Image: Goldman Sachs Global Investment Research
Long Only Positioning in Value vs. Growth Value is still 53% underweight vs. Growth, highlighting a significant preference among investors for growth-oriented investments over value-based ones. Image: BofA US Equity & Quant Strategy
Returns – Value vs. Growth Value stocks tend to outperform growth stocks when considering a longer time frame. Image: BofA Research Investment Committee
U.S. Dollar Index and Purchasing Power Parity Fair Value According to the measure of Purchasing Power Parity fair value, the U.S. dollar remains overvalued. Image: BCA Research
Oil – Brent Fair-Value Model J.P. Morgan expects Brent oil prices to exit the year at $86/bbl. Image: J.P. Morgan
S&P 500 Fair Value According to BofA, the fair value of the S&P 500 is 3,911 by year-end 2023 (bear case, based on the most bearish model). Image: BofA Global Research
Cash – U.S. Money Market Funds Deposits as a % of Total Equity and Bond Market Value Cash on the sidelines is not as elevated as many believe. Image: BCA Research
Stocks – MSCI Europe Value vs. Growth and 10-Year UST Yield Will European value stocks underperform European growth stocks in the second half of 2023? Image: J.P. Morgan
U.S. 10-Year Treasury Yield and Fair Value Model How much higher could bond yields potentially go before they peak? Image: Alpine Macro