Green Book May 2015
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Featured Articles
Faded Photographs: Obituary Of The Bull Market
How will today’s bull market be viewed through the eventual clarity and objectivity of hindsight? We’ve pulled together several still frames that we think best capture the essence of this historic run.
Two Takes On The Ticker Tape
Conventional breadth measures show the U.S. market to be healthy, with key indexes confirming the April 24th S&P 500 high. However, sector leadership is behaving in a way that’s consistent with an approaching market top.
Tech: One Year After The “Bust”
At a time when social media stocks are the rage, stodgy “Old Tech” has quietly tacked on a 20% gain in the 13 months since the social media peak, while the NASDAQ Internet Index is still a bit below its March 2014 high. Yet, “Old Tech” P/CF remains below the level of 1995.
End Of The QE Trade? Too Early To Call
The common driver behind the sharp reversal of many recent asset class trends is the unwinding of the ECB QE trade.
Bought Drug Retail = Consumer + Health Care In One Dose
A new position in Drug Retail was added to the Select Industries Portfolio in April. The latest update to the Group Selection (GS) Score showed improvement in several factor categories which pushed the overall score back to Attractive.
Small Cap Biotech Valuations: Proceed With Caution
While Large/Mid Cap Biotechnology companies are boasting rising profitability, better cash flows, and stronger drug pipelines, the Small/Micro Cap Biotech firms, in general, have little tangible to show and valuations may be above the comfort zone.
Table of Contents
Stock Market
- Flying By Instruments
- Two Takes On The Ticker Tape
- It’s That Time Of The Year
- Paying Up For Stock Market “Leftovers”
- Emerging Markets: Close… But Not Quite
- Tech: One Year After The “Bust”
- High Quality Stock Leadership Stalled
Of Special Interest
Macro Monitor
- End Of The QE Trade? Too Early To Call
- Risk Aversion Index Fell Sharply, Generated A New “Lower Risk” Signal
- US Bonds
Equity Strategies
- Bought Drug Retail = Consumer + Health Care In One Dose
- Purchased Reinsurance: GS Score Skyrockets
- Small Cap Biotech Valuations: Proceed With Caution
- GS Score Sector Rankings, and Highlighted Attractive Groups
Quant
Market Internals
Portfolios
- Core & Global Asset Allocation Portfolios
- Domestic & Global Long-Only Portfolios
- 100% Short Portfolio: AdvantHedge
Major Trend
Estimating the Downside
At Random
Faded Photographs: Obituary Of The Bull Market
How will today’s bull market be viewed through the eventual clarity and objectivity of hindsight? We’ve pulled together several still frames that we think best capture the essence of this historic run.
Two Takes On The Ticker Tape
Conventional breadth measures show the U.S. market to be healthy, with key indexes confirming the April 24th S&P 500 high. However, sector leadership is behaving in a way that’s consistent with an approaching market top.
Tech: One Year After The “Bust”
At a time when social media stocks are the rage, stodgy “Old Tech” has quietly tacked on a 20% gain in the 13 months since the social media peak, while the NASDAQ Internet Index is still a bit below its March 2014 high. Yet, “Old Tech” P/CF remains below the level of 1995.
End Of The QE Trade? Too Early To Call
The common driver behind the sharp reversal of many recent asset class trends is the unwinding of the ECB QE trade.
Bought Drug Retail = Consumer + Health Care In One Dose
A new position in Drug Retail was added to the Select Industries Portfolio in April. The latest update to the Group Selection (GS) Score showed improvement in several factor categories which pushed the overall score back to Attractive.
Small Cap Biotech Valuations: Proceed With Caution
While Large/Mid Cap Biotechnology companies are boasting rising profitability, better cash flows, and stronger drug pipelines, the Small/Micro Cap Biotech firms, in general, have little tangible to show and valuations may be above the comfort zone.
Stock Market
- Flying By Instruments
- Two Takes On The Ticker Tape
- It’s That Time Of The Year
- Paying Up For Stock Market “Leftovers”
- Emerging Markets: Close… But Not Quite
- Tech: One Year After The “Bust”
- High Quality Stock Leadership Stalled
Of Special Interest
Macro Monitor
- End Of The QE Trade? Too Early To Call
- Risk Aversion Index Fell Sharply, Generated A New “Lower Risk” Signal
- US Bonds
Equity Strategies
- Bought Drug Retail = Consumer + Health Care In One Dose
- Purchased Reinsurance: GS Score Skyrockets
- Small Cap Biotech Valuations: Proceed With Caution
- GS Score Sector Rankings, and Highlighted Attractive Groups
Quant
Market Internals
Portfolios
- Core & Global Asset Allocation Portfolios
- Domestic & Global Long-Only Portfolios
- 100% Short Portfolio: AdvantHedge