Capital Markets: Observations & Insights

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Business Spending Boost - Autumn 20171
The Earnings Stream2
Key Obersvations3
Business Spending Boost4
Earnings Resurgence = Business Spending Acceleration4
Less Regulation Is Good for Business5
Confidence Is Critical for Spending6
Tax Cut Would Likely Boost Business Spending7
Business Spending May Lift Productivity8
Performance9
Growth Sectors Are Leading YTD9
Scale and Growth Rewarded10
Prices and Fundamentals Converge11
Earnings Drove Sector Performance YTD12
The Earnings Growth Resurgence Is Boosting Performance13
Bull Market Is Aging Well14
Has Active Relative Performance Troughed?15
Small Caps Due for a Comeback16
Structural Issues Driving Growth vs. Value17
Fundamentals18
Leading Cycle Indicators Are Benign18
A Slow Fed Keeps Away the Red?19
Leading Indicators Suggest Earnings Will Continue to Rise20
Economic Outlook21
Smaller Capitalization Sticks Poised to Outperform22
Innovatice Companies Grow Earnings and Stock Prices Faster23
Speed of Innovation Is Accelerating24
The Growth Advantage25
Valuation26
The Great Rotation26
Not All Sectors Are Expensive27
Growth Valuations Are Reasonable28
The Single Greatest Predictor of Future Stock Market Returns29
Addressing Interest Rate Risks...30
Disclosure31

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