Of Special Interest

Of Special Interest

  • 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.

    continue reading

  • 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.

    continue reading

  • 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.

    continue reading

  • 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.

    continue reading

  • 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.

    continue reading

  • 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.

    continue reading

  • Of Special Interest

    “Ring Them Bells”

    August 03, 1986 BY Steve Leuthold and Larry Jeddeloh

    We are establishing the regional Bell companies as a formal equity portfolio sector, initially investing in BellSouth, NYNEX and U.S. West in this issue. We think these companies look like an attractive defensive equity haven these days.

    continue reading

  • Of Special Interest

    Statistics for Your Files

    July 03, 1986 BY Steve Leuthold

    A number of clients have requested historical data regarding earnings, dividends and book values for the stock market indices. This section provides information, going as far back as 1910.

    continue reading

  • Of Special Interest

    More Historical Perspective Featuring Book Value Ratios

    June 02, 1986 BY Steve Leuthold

    Book value has its faults as an analytical tool with individual stocks, but it seems to be quite valid in the aggregate as a stock market value gauge. This most recent addition to our value benchmark series presents quarterly book value ratios for the S&P 400 on a quarterly basis, 1929 to date.

    continue reading

  • Of Special Interest

    Is 1986 Going to Be Another 1962?

    May 04, 1986 BY Steve Leuthold

    The current 1974-1986 secular bull market period is similar to the 1949-1962 period (not 1921-29) in a number of ways. In this study, we compare earnings and dividend trends, as well as price action. If the 1949-1962 script is playing over again, the P/E expansion may be about over, with a non-economic bear market due.

    continue reading

Pages

Sign-in to your Account