Capital Markets: Observations & Insights

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Capital Markets: Observations and Insights	1
Introduction Letter	2
Key Observations	3
Party Without the Punch?	4
Tightening Underway	4
Interest Rate Tailwinds	5
Addressing Rising Rate Concerns - Valuation	6
Addressing Rising Rate Concerns - Economic Growth	7
Fed Tightening Not That Scary	8
Different Performance Regime	9
Innovation Grows Through Downturns	10
Innovative Companies Often Outperform	11
Performance	12
Tech Leads Again	12
Yield Punished	13
The Earnings Growth Explosion Is Driving Performance	14
Bull Market Is Aging Well	15
Has Active Relative Performance Troughed?	16
Structural Issues Driving Growth vs. Value	17
Fundamentals	18
Leading Indicators Suggest Continued Expansion	18
Business Spending to Accelerate Further	19
Economic Outlook	20
Monetary Policy Is Not Restrictive	21
Tariffs Likely to Create Opportunity	22
Smaller Capitalization Stocks Poised to Outperform	23
The Growth Advantage	24
Valuation	25
Not All Sectors Are Expensive	25
Growth Valuations Are Reasonable	26
Global Multiples High but Not Relative to Interest Rates	27
The Single Greatest Predictor of Future Stock Market Returns	28
Disclosure	29
Definitions	30
The Power of Focus White Paper	31

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