Green Book April 1998
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Featured Articles
Asian Emerging Markets
The Leuthold Group made no purchases in Asian emerging markets in March. Further purchases will be made on significant weakness, but in February and March the “gloom and doom” stories subsided.
Bond Market Summary
Near term, bond market now stabilizing after being somewhat ahead of itself...No Fed loosening or tightening in the cards at this point.
Earnings Confusion Questions and Answers
Jim Floyd attempts to answer which is more meaningful: reported, operating, or cash flow? Also, what best describes current earnings reporting requirements (FASB 128)?
Joke of the Month
Some jokes are point of view jokes, reflecting resentment toward government and government programs. I find that Republicans like to tell these jokes to each other, but do not risk these jokes in mixed economic company.
March Madness
The market finished the first quarter of1998 strong, with the S&P 500 up 13.5% and the Dow Jones flirting with the 9000 milestone. Expectations for April? More of the same. Nothing on horizon to shake individual investors’ confidence.
March Mutual Fund Flows
Net inflows into U.S. equity funds extremely strong and now nearly 30% ahead of impressive 1997 levels. Fund flow controversy revisited. Still no consensus regarding December’s huge discrepancies between the top two data providers on the mutual fund cash flows.
P/E Ratios and Low Inflation
Low Inflation and the justification of expanded P/E ratios. Low inflation does justify expanded P/E ratios...However, how much of an expansion is warranted?
Playing the Bounce Update: Bounce Stocks Faded In March
Among the Big Cap Bounce qualifiers, it did look like there was a bounce in January and February, but closer examination reveals it was really a Tech bounce.
Scanning the Markets
March performance was outstanding, with seven of the eight active sectors beating the S&P 500 return.
View From the North Country
Fed’s “Households” equity transaction data seems to infer Main Street investors continue to be big sellers of individual stocks.... WRONG!
Table of Contents
Stock Market
- March Madness
- March Mutual Fund Flows
- Playing the Bounce Update: Bounce Stocks Faded In March
- Earnings Confusion Questions and Answers
- View From the North Country
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Asian Emerging Markets
The Leuthold Group made no purchases in Asian emerging markets in March. Further purchases will be made on significant weakness, but in February and March the “gloom and doom” stories subsided.
Bond Market Summary
Near term, bond market now stabilizing after being somewhat ahead of itself...No Fed loosening or tightening in the cards at this point.
Earnings Confusion Questions and Answers
Jim Floyd attempts to answer which is more meaningful: reported, operating, or cash flow? Also, what best describes current earnings reporting requirements (FASB 128)?
Joke of the Month
Some jokes are point of view jokes, reflecting resentment toward government and government programs. I find that Republicans like to tell these jokes to each other, but do not risk these jokes in mixed economic company.
March Madness
The market finished the first quarter of1998 strong, with the S&P 500 up 13.5% and the Dow Jones flirting with the 9000 milestone. Expectations for April? More of the same. Nothing on horizon to shake individual investors’ confidence.
March Mutual Fund Flows
Net inflows into U.S. equity funds extremely strong and now nearly 30% ahead of impressive 1997 levels. Fund flow controversy revisited. Still no consensus regarding December’s huge discrepancies between the top two data providers on the mutual fund cash flows.
P/E Ratios and Low Inflation
Low Inflation and the justification of expanded P/E ratios. Low inflation does justify expanded P/E ratios...However, how much of an expansion is warranted?
Playing the Bounce Update: Bounce Stocks Faded In March
Among the Big Cap Bounce qualifiers, it did look like there was a bounce in January and February, but closer examination reveals it was really a Tech bounce.
Scanning the Markets
March performance was outstanding, with seven of the eight active sectors beating the S&P 500 return.
View From the North Country
Fed’s “Households” equity transaction data seems to infer Main Street investors continue to be big sellers of individual stocks.... WRONG!
Stock Market
- March Madness
- March Mutual Fund Flows
- Playing the Bounce Update: Bounce Stocks Faded In March
- Earnings Confusion Questions and Answers
- View From the North Country