Capital Markets: Observations & Insights

First page Table of contents Next page Last page
Capital Markets: Observations & Insights1
Introduction Letter2
Key Observations3
Productivity Pick-Up4
Productivity Drives Potential GDP4
Productivity Growth Dependent on Business Spending5
Recipe for an Increase in Business Spending6
Higher Investment to Lead to Higher Productivity7
Performance8
Sector Disparities8
Scale Rewarded9
Prices and Fundamentals Converge10
The Earnings Growth Resurgence Is Boosting Performance11
Bull Market Is Aging Well12
Has Active Relative Performance Troughed?13
Small Caps Due for a Comeback14
Structural Issues Driving Growth vs. Value15
Fundamentals16
Leading Cycle Indicators Are Bening16
Fed Tightening Unlikely to Derail Equities Yet17
Leading Indicators Suggest Earnings Will Continue to Rise18
Economic Outlook19
Smaller Capitalization Stocks Poised to Outperform20
Innovative Companies Grow Earnings and Stock Prices Faster21
Speed of Innovation Is Accelerating22
The Growth Advantage23
Valuation24
The Great Rotation24
Not All Sectors Are Expensive25
Growth Valuations Are Reasonable26
The Single Greatest Predictor of Future Stock Market Returns27
Addressing Interest Rate Risks28
Disclosure29

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