Highlights Portfolio Strategy Our conservative dividend growth assumptions especially for the next three years – largely mimicking the GFC experience – result in an SPX 3,000 fair value target. Relative performance…
Neutral Market events last week compelled us to take profits of 51% in the S&P software index above and beyond the S&P 500’s return since the late-2017 inception and downgrade exposure to neutral. Last Monday…
Highlights Portfolio Strategy It is still early to bottom fish, and trying to catch the proverbial falling knife does not interest us for cyclically oriented capital. Uncertainty surrounding the coronavirus epidemic and its effects on…
Overweight The latest MSFT report was very robust and surprised to the upside on nearly every metric, and helped push the S&P software index to uncharted territory. Nevertheless, we do not want to overstay our welcome and a number…
Overweight The S&P software index has gone parabolic. SPX returns are extremely concentrated as we showed on Monday’s Weekly Report, with the S&P software & services GICS2 sector being responsible for 18% of the broad…
Feature The purpose of this Special Report is to identify and provoke a healthy debate on the prevailing investment themes for the 2020s and to speculate on what the key US sector beneficiaries and likely losers may be. Every decade a…
As 2019 draws to a close, we thank you for your ongoing readership and support. We wish you and your loved ones a happy holiday season and all the best for a healthy and prosperous 2020. Highlights We explore the principal risks to…
Overweight The handsome year-over-year SPX return will hit a zenith later this month of roughly 35%. However, putting this impressive recovery from last year’s doldrums in perspective is instructive. Tech stocks (…