Of Special Interest

Of Special Interest

  • Of Special Interest

    Inflation Watch…. The News Is Good!

    May 03, 1984 BY Steve Leuthold

    Most of our inflation momentum work has improved significantly in the past month. The big surprise in the last half of 1984 may be that inflation is not going to accelerate. The 7% inflation many seem to be expecting this year end now looks very unlikely to us. The question is, will the bond market believe it?

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  • Of Special Interest

    Is It Time to Load Up on Quality Growth Stocks?

    April 01, 1984 BY Steve Leuthold

    Two of our specialized evaluation tools are examined. The Royal Blue Index relative valuation work indicates the higher P/E quality growth issues are now undervalued compared to institutional low P/E favorites. But our Growth Vs. Cyclical timing studies seems to be telling us a major move into these quality growth issues still might be somewhat premature.

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  • Of Special Interest

    The Bank Double Play

    March 06, 1984 BY Steve Leuthold

    This strategy move was discussed last issue. Here are details, including 63 bank stocks that survived our screens. Also, our initial eight selections. This is damn difficult research, but more is coming soon.

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  • Of Special Interest

    Making a Play on Interest Rates in Equities

    February 02, 1984 BY Steve Leuthold

    If a manager has the freedom to buy bonds, there does not seem to be much reason to buy interest sensitive equities as a strategy unless there are other positive factors. Tables in this section demonstrate why. However, if you can’t buy bonds the next best thing is buying high yield top quality utilities with minimal nuclear exposure, as close to a bond proxy as you can get.

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  • Of Special Interest

    Dreams & Nightmares

    January 06, 1984 BY Steve Leuthold

    Each January we present for the preceding year what would have been, from a group standpoint, the perfect portfolios (Institutional and Aggressive). In 1983 the dream Institutional portfolio was up 56%, the Aggressive up 70%. The worst possible portfolio for 1983 was down 18%. Take a look and see where you should have and shouldn’t have been.

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  • Of Special Interest

    The Equity Model Portfolio

    December 05, 1983 BY Steve Leuthold

    This appears regularly in a companion publication, but it has been a long time since we have explained how and why we do this exercise. It may be the most precise and carefully maintained model found in an institutional portfolio strategy publication. Models are not the same as actual portfolio management, but this comes close. All current holdings are detailed, classified by our current conceptual structure.

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  • Of Special Interest

    Should Still Another Wall Street “Truism” Be Retired? Drug Stocks and the Dollar

    November 02, 1983 BY Steve Leuthold

    If you believe drug stocks are really a play on future weakness in the dollar, you better read this study. We like the drugs, but not for this reason. Drug stocks at one time were sensitive to dollar fluctuations but over the last four years this has not been the case.

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  • Of Special Interest

    An Earnings Bottom...What's Next?

    January 18, 2017 BY Scott Opsal and Phil Segner

    It seems like it’s been ages since investors have been able to get excited about earnings growth, although our October 21st “Chart of the Week” showed that the S&P 500’s current earnings slump has been unremarkable in both depth and duration.

     

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  • Of Special Interest

    Exploiting Generational Anomalies In Stock vs. Bond Returns

    June 01, 2009 BY Eric Bjorgen

    There are two important conclusions about the historical relationship of stock vs. bond returns:

    1. The current stocks vs. bonds performance differential, over both very short and very long time periods, is at or near historical extremes in every timeframe we examined. This suggests that we are at the threshold of a major (but temporary) market anomaly.
    2. Historically, periods when bonds have outperformed stocks over very long timeframes have proven to be very opportune times to shift out of fixed income assets and into equities.

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