price-to-earnings multiples

Volatility Reigns!

April 20, 2020

Stocks met a significant milestone this week as the S&P 500 retraced over half of the losses sustained in the coronavirus sell-off.  As I write, the S&P 500 is set [...]

Framing the Downside

March 12, 2020

Stocks are now officially in bear market territory, which means prices are down over 20% from the all-time highs just three weeks ago. In fact, at the time of this writing [...]

And Away We Go!

November 6, 2019

With over 436 of the S&P 500 companies having already reported third-quarter results, we thought we’d take a look at where we stand. First the good news. The [...]

Valuations Matter

February 10, 2016

I’ve been writing for a couple years now that much of the appreciation in stock prices over the past six-plus years has been the result of central bank largesse, and [...]

Bonds and Borrowed Time

July 24, 2013

Bond market investors had a tough first half. When interest rates rise, bond prices fall. This is confusing for a lot of folks, so imagine you own a ten-year treasury note [...]

Quarter-Ending Thoughts

July 8, 2009

After exceptional lows in March, markets rallied in the second quarter. While the advance was broad-based, the groups that suffered most in the decline bounced most. Banks [...]