Of Special Interest

Of Special Interest

  • Of Special Interest

    Dow Jones 9000…..By 2007?

    June 01, 1987 BY Steve Leuthold

    Sound like a tall order? This is what the DJIA must achieve to match the total return from a 20-year zero T-bond over the next 20 years.

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  • Of Special Interest

    Monitoring Earnings Trends

    May 01, 1987 BY Steve Leuthold

    Last year, two original earnings momentum evaluators were introduced in this publication. Currently both are giving off constructive readings for 1987 and perhaps beyond. Unfortunately, history seems to indicate this is not necessarily a big positive for stock prices.

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  • Of Special Interest

    Intrinsic Value Benchmarks

    April 01, 1987 BY Steve Leuthold

    We were not planning to publish the Leuthold Group’s Histographs this issue. But clearly a number of clients have a high level of interest in this work. We had a large number of calls this last month requesting updates. So, here they are again.

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  • Of Special Interest

    Focus: Intrinsic Value Benchmarks

    March 01, 1987 BY Steve Leuthold

    Updated histographs of P/E multiples, book value ratios and yields are presented this issue, as well as a new histograph of cash flow ratios.

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  • Of Special Interest

    Benchmarks……Intrinsic Value

    February 01, 1987 BY Steve Leuthold

    It has been only two months since we last published our “Histographs” covering stock market P/E’s, dividend yields and book value ratios. But, 1987 estimates are now included and of course, the stock market has made a big move. It is time for an update.

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  • Of Special Interest

    The Historical Stock Market Impact of Corporate Tax Rate Changes

    January 07, 1987 BY Steve Leuthold

    Historically, have tax cuts been a stock market positive? Have tax increases been a negative? What impact do changes in the tax rate have on prevailing market P/E multiples? The answers to these questions may surprise some of our readers.

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  • Of Special Interest

    Benchmarks......Intrinsic Value

    December 01, 1986 BY Steve Leuthold

    Today’s normalized P/E multiple is close to the high quartile, with dividend yields in the low decile and book value ratios close to their high decile. The cash flow ratio is about at its historical median, but other benchmarks demonstrate the stock market’s potential downside vulnerability.

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  • Of Special Interest

    A Hard Look: Growth Versus Cyclical

    November 04, 1986 BY Steve Leuthold

    In October, the market flip flopped with big growth stocks leading and cyclicals and basics mostly lagging. We continue to think underlying market leadership is “growth,” but we are no longer so sure. We have taken a hard look at the “cyclical” argument, including two of our own proprietary earnings momentum tools. From an earnings standpoint, 1987 might be a better earnings year than most expect.

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  • Of Special Interest

    Gold Continues to Run

    October 03, 1986 BY Steve Leuthold

    Something strange is occurring in the gold market and it is not related to inflation. We have been discussing this for the last two months and here is an update for those interested. I continue to believe most portfolios should own some gold.

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  • Of Special Interest

    Focus on Gold

    September 01, 1986 BY Steve Leuthold

    Something strange is occurring in the gold market and it is not related to inflation. We touched on this a month ago, but this time we have added some thoughts. I continue to believe most portfolios should own some gold.

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