There is a growing debate over whether an expanding economy, in conjunction with historic fiscal and monetary stimulus, may cause inflation to overheat. Adding to the intense debate, the Federal Reserve (Fed) has shifted its policy framework, potentially allowing...
The bear market ended one year ago this week, finishing one of the fastest and most vicious bear markets of all-time—one that led to a drawdown of 34%. Things have come full circle now, as stocks have staged a furious rally, with new highs happening across the globe...
Our year-end S&P 500 Index fair value target range remains 4,050–4,100, based on a price-to-earnings (PE) multiple of 21 and our 2022 S&P 500 earnings forecast of $195 per share. Recall that we raised our S&P 500 fair value target last month due to our...
The 10-year Treasury yield continues to climb higher, but remains low by historical standards. Still, the size of the move since July 2020—and the more recent acceleration—has some market participants worried about the potential impact on stock markets if rates...
Dear Valued Investor, It’s now been over a year since COVID-19 first hit American shores. While the pandemic has affected everyone to varying degrees, we can all agree that everyone’s life is different today than it was a year ago. It’s difficult to remember what...