Green Book December 1991
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Featured Articles
Avoiding 1991’s P/E Trap
While operating earnings may even now be on the road to recovery, an accounting rule change could produce a virtual earnings wipeout in fourth quarter reported earnings.
Bond Market Summary
The long bond market edged to a marginal new high in mid-November but sagged in the last half of the month. On the other hand, short rates fell sharply. Once again it has been demonstrated that long and short rates do not have to move together.
Earnings Momentum: Better Than You Think
On an aggregate basis, third and fourth quarter reported earnings will be below even what pessimistic prognosticators are projecting. However, looking at earnings momentum on the basis of individual companies presents a very different picture.
Joke of the Month
This month, we have another repeat winner. Another blue ribbon goes to Roger Young, Criterion Investment Management, Houston Texas.
Scanning the Markets
A performance rundown for our equity market sectors (and other measures) ranked by November 1991 performance.
Today’s Stock Market Concerns
With no strong evidence of an economic rebound, an increasing number of professionals are having second thoughts. Maybe the recession is not over. Maybe 1992 will feature a second leg down. More than anything, I believe these “second thoughts” are the root cause of the current correction.
View from the North Country
Snow Emergency Declared At The Leuthold Group...Holiday Wishes To All...Polling The Pro's (Leuthold Clients)...Northwest Airlines Battle Rages On...Mike Hamilton Frequent NWA Flier And Constant Skeptic Of NWA's Financial Aid Package
“When The Bears Have Thanksgiving…..”
As I recall, at one time I checked out the accuracy of this stock market folklore and it seemed to work pretty well. I think it will prove true again in 1991.
Table of Contents
Stock Market
- “When The Bears Have Thanksgiving…..”
- Today’s Stock Market Concerns
- View from the North Country
- Avoiding 1991’s P/E Trap
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Avoiding 1991’s P/E Trap
While operating earnings may even now be on the road to recovery, an accounting rule change could produce a virtual earnings wipeout in fourth quarter reported earnings.
Bond Market Summary
The long bond market edged to a marginal new high in mid-November but sagged in the last half of the month. On the other hand, short rates fell sharply. Once again it has been demonstrated that long and short rates do not have to move together.
Earnings Momentum: Better Than You Think
On an aggregate basis, third and fourth quarter reported earnings will be below even what pessimistic prognosticators are projecting. However, looking at earnings momentum on the basis of individual companies presents a very different picture.
Joke of the Month
This month, we have another repeat winner. Another blue ribbon goes to Roger Young, Criterion Investment Management, Houston Texas.
Scanning the Markets
A performance rundown for our equity market sectors (and other measures) ranked by November 1991 performance.
Today’s Stock Market Concerns
With no strong evidence of an economic rebound, an increasing number of professionals are having second thoughts. Maybe the recession is not over. Maybe 1992 will feature a second leg down. More than anything, I believe these “second thoughts” are the root cause of the current correction.
View from the North Country
Snow Emergency Declared At The Leuthold Group...Holiday Wishes To All...Polling The Pro's (Leuthold Clients)...Northwest Airlines Battle Rages On...Mike Hamilton Frequent NWA Flier And Constant Skeptic Of NWA's Financial Aid Package
“When The Bears Have Thanksgiving…..”
As I recall, at one time I checked out the accuracy of this stock market folklore and it seemed to work pretty well. I think it will prove true again in 1991.
Stock Market
- “When The Bears Have Thanksgiving…..”
- Today’s Stock Market Concerns
- View from the North Country
- Avoiding 1991’s P/E Trap