Green Book June 1985
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Featured Articles
As the World Turns
Private pension funds as a class can no longer be looked to as big net buyers of stock. More and more, the individual is assuming direct or indirect responsibility for his or her retirement assets. We view this as a secular trend, not a short-term aberration.
Bond Market Summary
May was a dynamite month for bonds, with total returns of 9%-10% registered for most long issues. Long zeros racked up gains in excess of 20%. The bond market now is ahead of itself although the Major Trend remains bullish.
Inside the Stock Market
May was a surprisingly good month. After flashing an intermediate term caution warning in March, the Early Warning work moved back to the positive side May 13. The Major Trend Index improved this month and I think stocks could move up further than most think.
Quality Growth Stocks Look Relatively Cheap, But…
While blue chip growth stocks look cheap relative to low P/E stocks, they don’t look so cheap compared to recent earnings growth rates.
The Waves of Cash
A large and fast-growing amount of money is now flowing back and forth between money market funds and equity mutual funds. Billions of dollars are now involved each month. Are these timers right? The evidence is mixed. We do know these waves of cash are making things increasingly difficult for mutual fund portfolio managers.
Two Views of Gold
Have you ever looked at a gold price chart denominated in Swiss Francs or Deutsche Marks? It is a much different picture than gold in dollars. Perhaps the U.S. perspective is warped.
Utility Cash Cows…..Our Cash Cows in Confinement
Herein we present statistical tables of 46 public utilities that qualify as potential cash cows with cash flow now exceeding capital expenditures. We also isolate and grade the 24 utilities that we think look the best, explain the investment rationale in more detail and review the important factors investors should consider.
View from the North Country
Observations from the May Market Technicians Association gathering at Hilton Head and a disturbing recent 400-mile drive through the grain belt. For good measure we have thrown in an update on improving agricultural productivity around the world.
Table of Contents
Stock Market
- Inside the Stock Market
- Quality Growth Stocks Look Relatively Cheap, But…
- The Waves of Cash
- As the World Turns
- View from the North Country
Of Special Interest
Macro Monitor
Equity Strategies
As the World Turns
Private pension funds as a class can no longer be looked to as big net buyers of stock. More and more, the individual is assuming direct or indirect responsibility for his or her retirement assets. We view this as a secular trend, not a short-term aberration.
Bond Market Summary
May was a dynamite month for bonds, with total returns of 9%-10% registered for most long issues. Long zeros racked up gains in excess of 20%. The bond market now is ahead of itself although the Major Trend remains bullish.
Inside the Stock Market
May was a surprisingly good month. After flashing an intermediate term caution warning in March, the Early Warning work moved back to the positive side May 13. The Major Trend Index improved this month and I think stocks could move up further than most think.
Quality Growth Stocks Look Relatively Cheap, But…
While blue chip growth stocks look cheap relative to low P/E stocks, they don’t look so cheap compared to recent earnings growth rates.
The Waves of Cash
A large and fast-growing amount of money is now flowing back and forth between money market funds and equity mutual funds. Billions of dollars are now involved each month. Are these timers right? The evidence is mixed. We do know these waves of cash are making things increasingly difficult for mutual fund portfolio managers.
Two Views of Gold
Have you ever looked at a gold price chart denominated in Swiss Francs or Deutsche Marks? It is a much different picture than gold in dollars. Perhaps the U.S. perspective is warped.
Utility Cash Cows…..Our Cash Cows in Confinement
Herein we present statistical tables of 46 public utilities that qualify as potential cash cows with cash flow now exceeding capital expenditures. We also isolate and grade the 24 utilities that we think look the best, explain the investment rationale in more detail and review the important factors investors should consider.
View from the North Country
Observations from the May Market Technicians Association gathering at Hilton Head and a disturbing recent 400-mile drive through the grain belt. For good measure we have thrown in an update on improving agricultural productivity around the world.
Stock Market
- Inside the Stock Market
- Quality Growth Stocks Look Relatively Cheap, But…
- The Waves of Cash
- As the World Turns
- View from the North Country