Green Book June 1993
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Featured Articles
Bond Market Summary
Shorter-term treasuries finished May on a weak note, reflecting concerns over possible tightening by the Fed. Long treasuries were nearly unchanged for the month, realizing a slight gain, as the President's deficit reduction plan cleared its first hurdle.
First Quarter Earnings Momentum Scorecard
Overall earnings momentum was very good, with the best comparisons once again in the large cap sector. The largest 50 companies produced an average +13.2% year over year median gain, the best performance recorded since our earnings monitoring began in 1991.
Joke of the Month
I'm not sure there should be any winner this month, but I am relieved that the David Koresh/Branch Davidian joke flow has about dried up.
Scanning the Markets
A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by 1993 performance to date. It was a wild month for some sectors.
The Mutual Fund Factor
The public continues to roll the money into mutual funds and Wall Street continues to roll out the new equity offerings. The supply/demand standoff more or less continued in May.
View from the North Country
Client Questions...Gold: Is It A New Bull Market?...Gambling Stock Update...The 50 Largest Non-Financial Multinationals, A Survey By The Economist
Worth Noting
May supply/demand, seasonal investing and a study of Beta.
“Real” Rates of Interest: It Ain’t Necessarily So
With today's interest rates at the lowest levels in more than two decades, the “Real” Interest Rate Theory is being used as a bullish argument asserting rates may move lower. Although this may be the case, we feel it timely to print Steve's outline highlighting the problems associated with this concept.
Table of Contents
Stock Market
- View from the North Country
- Sticking With The Disciplines: Caution
- The Mutual Fund Factor
- Worth Noting
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
Shorter-term treasuries finished May on a weak note, reflecting concerns over possible tightening by the Fed. Long treasuries were nearly unchanged for the month, realizing a slight gain, as the President's deficit reduction plan cleared its first hurdle.
First Quarter Earnings Momentum Scorecard
Overall earnings momentum was very good, with the best comparisons once again in the large cap sector. The largest 50 companies produced an average +13.2% year over year median gain, the best performance recorded since our earnings monitoring began in 1991.
Joke of the Month
I'm not sure there should be any winner this month, but I am relieved that the David Koresh/Branch Davidian joke flow has about dried up.
Scanning the Markets
A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by 1993 performance to date. It was a wild month for some sectors.
The Mutual Fund Factor
The public continues to roll the money into mutual funds and Wall Street continues to roll out the new equity offerings. The supply/demand standoff more or less continued in May.
View from the North Country
Client Questions...Gold: Is It A New Bull Market?...Gambling Stock Update...The 50 Largest Non-Financial Multinationals, A Survey By The Economist
Worth Noting
May supply/demand, seasonal investing and a study of Beta.
“Real” Rates of Interest: It Ain’t Necessarily So
With today's interest rates at the lowest levels in more than two decades, the “Real” Interest Rate Theory is being used as a bullish argument asserting rates may move lower. Although this may be the case, we feel it timely to print Steve's outline highlighting the problems associated with this concept.
Stock Market
- View from the North Country
- Sticking With The Disciplines: Caution
- The Mutual Fund Factor
- Worth Noting