Bull Market in Dividends
Recent dividend growth, while extreme, has not kept pace with either corporate earnings or equity prices, but payout ratios are right in line with historical averages once you look at cyclically adjusted earnings.
Research Publications Archive
U.K. Equity Valuations: A Cross-Sectional Peek
U.K. equities appear pricey once you look below the index level valuations.
What Really Happens When the Fed Stops Tightening?
A sobering look at historical trends.
Non-U.S. Small Caps Look Rich
Prices of non-U.S. small caps have run ahead of fundamentals.
Are Earnings Poised to Disappoint?
While there is some cause for cautious optimism on earnings, earnings growth is cyclically stretched and more likely to decrease than continue to rise. Consensus expectations for profit margins and earnings expectations set a high bogey.
Investing in Asia
Asia beckons western investors, its allure predicated on three compelling attractions: Asia beckons western investors, its allure predicated on three compelling attractions: The continued broadening and deepening of relatively immature capital markets whose development will reflect the expansion of most Asian economies at growth rates substantially faster than those of North America and Europe. Reasonable valuations in…
Gold – Barbarous Relic No More?
Despite its unique hedging characteristics, gold remains unsuitable for most investors.
Relative Valuations: Less Than Meets the Eye
Despite a near six-year run by small-cap and value stocks, the relative opportunity in large cap and growth is somewhat limited.
European Equities Getting Pricey
Normalized P/E ratios that adjust for earnings cyclicality suggest that these markets are quite a bit more expensive than do standard P/E metrics.
What`s Been Driving the EM Equity Rally?
While much of the rally has been powered by fundamentals (i.e., rapidly rising earnings), recent returns have been boosted by enormous fund inflows that suggest a bit of frothiness is creeping into the asset class.