Green Book May 2017
Spring Doldrums?
Bull markets bail out bad decisions—like buying the market high ahead of the Great Recession.
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Featured Articles
Spring Doldrums?
Bull markets bail out bad decisions—like buying the market high ahead of the Great Recession.
Stock Market Observations
The S&P 500 has labored beneath its March 1st bull market high for the last two months while underlying breadth and leadership trends have remained mostly favorable.
Reflation Trade Complicated By Data Challenges
The dominant theme in the last few weeks has been the notable weakness in macro-economic data.
Leverage Factor: A Tailwind For High Quality Stocks?
Following 2016 underperformance, High Quality stocks eked out an advantage over Low Quality stocks to begin 2017 (+5.3% versus +2.1%, respectively). Yet, the “Junk Rally” trend seems difficult to reverse.
The Intelligent Use Of Smart Beta
Quantitative investing has become an integral component of professional investment management, and smart beta funds have become popular vehicles for advisors as they assemble actively-managed client portfolios.
Dynamics Shift Among Auto-Related Industries
Automotive Retail group takes a backseat while Auto Parts & Equipment takes over the wheel. We examine the market/environmental dynamics that may be causing these groups’ routes to diverge.
Value Continues to Struggle in 2017
Value has taken its lumps to start 2017, but is it really that bad for the factor and its dedicated followers?
Sector Profit Margins: A Long-Term Review
Despite real GDP growth of just 1.6% in 2016, the median S&P 500 company earned a net profit margin of 9.7%, only 40 basis points below the record high established in 2014.
Table of Contents
Stock Market
- Spring Doldrums?
- Stock Market Observations
- How To (Almost) Double Your Money In Under Ten Years
- Estimating The Downside
- Technology: Popping The “Bubble” Talk
- Still In Thrall With Low Vol
- Another Leg Down In Crude?
- Small Cap Seasonality
- The Intelligent Use Of Smart Beta
- Leverage Factor: A Tailwind For High Quality Stocks?
Of Special Interest
Macro Monitor
- Reflation Trade Complicated By Data Challenges
- Risk Aversion Index: Still On “Higher Risk” Signal
- US Bonds
Equity Strategies
Quant
Market Internals
Portfolios
Major Trend
Estimating the Downside
At Random
Spring Doldrums?
Bull markets bail out bad decisions—like buying the market high ahead of the Great Recession.
Stock Market Observations
The S&P 500 has labored beneath its March 1st bull market high for the last two months while underlying breadth and leadership trends have remained mostly favorable.
Reflation Trade Complicated By Data Challenges
The dominant theme in the last few weeks has been the notable weakness in macro-economic data.
Leverage Factor: A Tailwind For High Quality Stocks?
Following 2016 underperformance, High Quality stocks eked out an advantage over Low Quality stocks to begin 2017 (+5.3% versus +2.1%, respectively). Yet, the “Junk Rally” trend seems difficult to reverse.
The Intelligent Use Of Smart Beta
Quantitative investing has become an integral component of professional investment management, and smart beta funds have become popular vehicles for advisors as they assemble actively-managed client portfolios.
Dynamics Shift Among Auto-Related Industries
Automotive Retail group takes a backseat while Auto Parts & Equipment takes over the wheel. We examine the market/environmental dynamics that may be causing these groups’ routes to diverge.
Value Continues to Struggle in 2017
Value has taken its lumps to start 2017, but is it really that bad for the factor and its dedicated followers?
Sector Profit Margins: A Long-Term Review
Despite real GDP growth of just 1.6% in 2016, the median S&P 500 company earned a net profit margin of 9.7%, only 40 basis points below the record high established in 2014.
Stock Market
- Spring Doldrums?
- Stock Market Observations
- How To (Almost) Double Your Money In Under Ten Years
- Estimating The Downside
- Technology: Popping The “Bubble” Talk
- Still In Thrall With Low Vol
- Another Leg Down In Crude?
- Small Cap Seasonality
- The Intelligent Use Of Smart Beta
- Leverage Factor: A Tailwind For High Quality Stocks?
Of Special Interest
Macro Monitor
- Reflation Trade Complicated By Data Challenges
- Risk Aversion Index: Still On “Higher Risk” Signal
- US Bonds