Tag Archives: bull market

Wall Street Strategists Are Disturbingly Bullish

Posted on September 8, 2014 by tomdoerflinger

Barron’s is out with its always interesting “back to school” early September survey of Wall Street strategists, hailing from both the buy side and sell side. Though the samples size of nine is a bit small (where are Deutsche, U … Continue reading →

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Stocks Can Scale a New Wall of Worry

Posted on May 28, 2014 by tomdoerflinger

Last year, despite slowing profit growth, U.S. equities experienced a “valuation levitation” because they were too cheap compared to bonds and cash. Why own a bond yielding 3-5% when you could own a stock with a 3% dividend yield, 8% … Continue reading →

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Q2 Earnings: Good Enough

Posted on July 23, 2013 by tomdoerflinger

The second quarter S&P 500 bottom-up EPS estimate is around $27.00 and should creep higher during the rest of earnings season.  This is consistent with strategists’ full-year 2013 estimates of $108-110.  Results are not great but good enough for stocks … Continue reading →

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Liquidity Over Corporate Results? Climbing the FT’s Wall of Worry

Posted on May 14, 2013 by tomdoerflinger

The folks at the Financial Times are trying to make sense of the U.S. stock market rally, which, it is fair to say, has surprised them.  Here is their take and my brief response: The state of the world economy … Continue reading →

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Q1 Profits: Soft, but Good Enough for Further Valuation Levitation

Posted on April 9, 2013 by tomdoerflinger

The media does a terrible job of covering profits.  Here are a few tips. First, forget about the percentage of companies beating consensus, which is always way above 50% because companies guide estimates to a number they can beat. (Some … Continue reading →

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Valuation Levitation Continues

Posted on March 6, 2013 by tomdoerflinger

As we expected, stocks are rising.  Here are key themes to remember, which we have discussed before: Stocks are rising because they are attractively valued versus bonds and cash, and investors are more confident we won’t have a financial disaster.  … Continue reading →

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