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Home Insights Guide to the Markets Portfolio Discussions

Portfolio Discussions

Use select charts from the Guide to the Markets to engage in portfolio discussions.

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    Guide to the Markets
     
    Guide to the Markets - Monthly Update
     
    "On the Bench Appendix"
     
 
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Equities

Though the S&P 500 has recovered from its 2009 lows, durable economic growth, attractive valuations in select sectors, and unprecedented levels of corporate cash suggest that investors should hone their focus on U.S. equities.

Economic Expansions and Recessions
Stocks still offer considerable value
 
  • While stocks are no longer cheap, they are trading near historically average valuations.
  • Even absent multiple expansion or improving margins, revenue growth supported by a growing economy should provide a tailwind to stocks.
  • Earnings yields on equities remain higher than yields on investment grade bonds, suggesting that stocks are cheaper by comparison.
Discussion Slides
Economic Growth and the Composition of GDP
Corporate Profits and Leverage
Stock Valuation Measures: S&P 500 Index

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