Energy Exposure: Too Much? Too Little? Too Late?
Investors’ allocations to energy-related assets have increased significantly. Given that energy commodities are overvalued, should we be concerned?
Authored by: Celia Dallas
U.K. Equity Valuations
U.K. equity valuation metrics provide mixed signals, but suggest that the market is close to fair value unless one assumes a rather dramatic decline in earnings just over the horizon.
U.S. Equities Are Cheaper, but Fewer Values Remain
With valuations more concentrated, style and market cap should be weaker drivers of return.
European Markets are Moderately Attractive
Do lowered earnings growth projections adequately account for increasing headwinds?
U.S. Equity Valuations: Improving But Not Enough
Using normalized earnings to value U.S. equities suggests they remain overvalued.
The Fallacy of the Fed Model
Why is the Fed Model conveying such different notions about equity valuations compared to other measures?
Endowment Spending in a Bear Market
Three suggestions for institutions whose spending rules now dictate a cut in spending.
Dissecting the U.S. Equity Market
This commentary takes an in-depth look at the U.S. equity market.
European Equity Valuations
Although valuation metrics show mixed results, we remain cautiously optimistic about investing in European and U.K. equities.
The Rise and Fall of the S&P 500
Over the course of the 18.25-year bull market, more than half of the market’s capital appreciation was driven by inflation and the decline in interest rates, and another 20% by multiple expansion, leaving only about 20% of the appreciation attributable to real earnings growth. Between March 31, 2000 and March 31, 2002, inflation continued to…