Research

In most of our client meetings in New York, Boston, and South Florida this week there was substantial focus on what we discussed in last week’s Level Set – corporate earnings. Here is what we know… It is now the consensus view that 2023 earnings expectations are excessively optimistic. As we showed last week, 2022

Is generating alpha harder right now? We looked at several common investment approaches, including price-to-forward earnings, free cash flow yield, stock buybacks, short interest, and others, and found that reversals and volatility in performance are at their highest levels in over 15 years. Using a consistent investment discipline has never been more challenging.  Free cash

It is widely known that corporate earnings expectations are too high and are coming down. We and others have been talking about it for months. The question that everyone is trying to answer now is how much are corporate earnings coming down and what does that imply for a trough in the SP500? Several investors we