Seven of eight indexes on our world watch list posted gains through February 21, 2023. For the third straight week, France's CAC 40 finished in the top spot with a YTD gain of 12.9%. Germany's DAXK finished second with a YTD gain of 10.26% and London's FTSE 100 moved into third with a YTD gain of 7.06%. Last Thursday, the FTSE 100 closed above 8,000 for the first time in history, marking it's all-time closing high.
Once again, India's BSE SENEX finished last with a loss of 0.28% YTD.
Seven of eight indexes on our world watch list posted gains through February 21, 2023. For the third straight week, France's CAC 40 finished in the top spot with a YTD gain of 12.9%. Germany's DAXK finished second with a YTD gain of 10.26% and London's FTSE 100 moved into third with a YTD gain of 7.06%. Last Thursday, the FTSE 100 closed above 8,000 for the first time in history, marking it's all-time closing high.
Once again, India's BSE SENEX finished last with a loss of 0.28% YTD.
I have a note from last year that a year ago we first hit the mark for a correction: down 10% from a high.
Since then the market has had a lot of drama but the SP500 has fallen only another 5% from there, total return. Which is not good, but not terrible either.
Sure seems like we are in a waiting period....the market is too expensive to buy as 'cheap' but the economy is strongish...so I suspect there will be two streams: People staying away because 'expensive' but another stream of people accumulating shares because 'strongish economy will eventually mean higher earnings." My guess is that the two forces will balance out and we won't get much appreciation until the market senses the fed is well and truly done and inflation is licked.
I should point out that the Dow is actually up a percent over the past year...take tech out of the equation and things have been better.
The period of S&P 500 companies over earning has ended. Stimulus, low interest rates done, higher labor costs, margins shrinking. Last year 2022 GAAP EPS down to $171. I expect by Q3 2023 the previous 52 week number to be in the $150s. Hard to see a year end 2023 S&P 500 much above 3,000, even without a recession.
I stopped by the Morgan Stanley office yesterday. The general mood was a frustrating and challenging environment. Both from the client/advisor and employee/employer perspective.
I stopped by the Morgan Stanley office yesterday. The general mood was a frustrating and challenging environment. Both from the client/advisor and employee/employer perspective.
my clients seem tranquillo.
I've actually picked up some MS cast-offs. If you've owned value and short term bonds this past year has not been too bad. And I've had a bucketload of that over the last year. But if you've been holding tech expecting 2009-2021 to return....not so great.
I've really enjoyed how portfolio design has mattered again and not just 'how much tech do you own.' So frustrating when you trail indices because five giant tech stocks are on the rampage. I'm hoping we get a spell of old fashioned value and dividend investing workout out.
The period of S&P 500 companies over earning has ended. Stimulus, low interest rates done, higher labor costs, margins shrinking. Last year 2022 GAAP EPS down to $171. I expect by Q3 2023 the previous 52 week number to be in the $150s. Hard to see a year end 2023 S&P 500 much above 3,000, even without a recession.
I stopped by the Morgan Stanley office yesterday. The general mood was a frustrating and challenging environment. Both from the client/advisor and employee/employer perspective.
my clients seem tranquillo.
I've actually picked up some MS cast-offs. If you've owned value and short term bonds this past year has not been too bad. And I've had a bucketload of that over the last year. But if you've been holding tech expecting 2009-2021 to return....not so great.
I've really enjoyed how portfolio design has mattered again and not just 'how much tech do you own.' So frustrating when you trail indices because five giant tech stocks are on the rampage. I'm hoping we get a spell of old fashioned value and dividend investing workout out.
I am not surprised you have fared well. I believe good advice is hard to come by, and a challenging environment becomes the differentiator.