Green Book July 1987
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Featured Articles
Bond Market Summary
The bond market entered June with a sharp one day sell off and then spent the best part of the month edging higher. However, in the last week or so, bond prices drifted lower in a relatively dull market.
Intrinsic Value Benchmarks
Almost any way you cut it, the U.S. stock market is historically very overvalued. Only by comparisons with Japan and perhaps Singapore, can U.S. stocks be viewed as relatively attractive.
Joke(s) Of the Month
I can’t decide which of these is worse, so we’ll go with both. They come from two of the most prolific joke collectors I know, John Brooks at Marshall and Company in Atlanta and Roger Young at Criterion in Houston.
Major Trend Index Improves, But….
Our broad-based measure of the stock market’s wellbeing improved in June, gaining some 500+ points. However, this work still remains decidedly negative on balance.
Reviewing the Second Quarter
For most of us, essentially all of the positive 1987 performance has come in the first three months of the year, with most of that in January and February. Still, our equity model was up 5.2% in the second quarter.
View from the North Country
Mid-course corrections to our annual economic and market projections for 1987. Also, some low down dirty pirates from “out east” made a pass at Minnesota’s beloved Dayton Hudson...our Legislature's response and the Greenmail Solution.
“Remembrance of Things Past”
If you haven’t done so already, I highly recommend you spend some time with the June 1987 20th Anniversary issue of Institutional Investor. Here, we are reproducing one of those remembrances, as Don Weeden recalls his earlier battles with the New York Stock Exchange.
Table of Contents
Stock Market
- View from the North Country
- Major Trend Index Improves, But….
- Reviewing the Second Quarter
- “Remembrance of Things Past”
Of Special Interest
Macro Monitor
At Random
Bond Market Summary
The bond market entered June with a sharp one day sell off and then spent the best part of the month edging higher. However, in the last week or so, bond prices drifted lower in a relatively dull market.
Intrinsic Value Benchmarks
Almost any way you cut it, the U.S. stock market is historically very overvalued. Only by comparisons with Japan and perhaps Singapore, can U.S. stocks be viewed as relatively attractive.
Joke(s) Of the Month
I can’t decide which of these is worse, so we’ll go with both. They come from two of the most prolific joke collectors I know, John Brooks at Marshall and Company in Atlanta and Roger Young at Criterion in Houston.
Major Trend Index Improves, But….
Our broad-based measure of the stock market’s wellbeing improved in June, gaining some 500+ points. However, this work still remains decidedly negative on balance.
Reviewing the Second Quarter
For most of us, essentially all of the positive 1987 performance has come in the first three months of the year, with most of that in January and February. Still, our equity model was up 5.2% in the second quarter.
View from the North Country
Mid-course corrections to our annual economic and market projections for 1987. Also, some low down dirty pirates from “out east” made a pass at Minnesota’s beloved Dayton Hudson...our Legislature's response and the Greenmail Solution.
“Remembrance of Things Past”
If you haven’t done so already, I highly recommend you spend some time with the June 1987 20th Anniversary issue of Institutional Investor. Here, we are reproducing one of those remembrances, as Don Weeden recalls his earlier battles with the New York Stock Exchange.
Stock Market
- View from the North Country
- Major Trend Index Improves, But….
- Reviewing the Second Quarter
- “Remembrance of Things Past”