Research

We want to get bullish on the market. Why? Because the best set-up is one where you are a contrarian bull, and you are ultimately proven to be right. We had that feeling in our year-ahead outlook in January 2023, and again, to a lesser extent, in January 2024. This year, in January 2025 (see

We track the number of stocks that are greater than $100 billion market cap. over time. There were 102 at the end of February, but 94 as of last night’s close given the sell-off this month (the S&P500 is down 5.7% month-to-date). Many investors are looking to find value in this sell-off–likely looking to buy

We track the number of stocks that are greater than $100 billion market cap. over time. There were 102 at the end of February, but 94 as of last night’s close given the sell-off this month (the S&P500 is down 5.7% month-to-date). Many investors are looking to find value in this sell-off–likely looking to buy

An investor asked us recently about the beta of Technology stocks, and in particular to identify those with asymmetry – meaning the stocks that have measurably higher beta in down markets than in up markets. We think investors should know which stocks they own are higher beta in down markets than in up markets to

Since 2023 we have identified and written about major growth themes that are poised to continue to grow above GDP for the next several years. These include widely known categories of stocks like AI Semiconductors, AI Software, Power / Utilities, and Electrification Industrials. Most portfolio managers have some or substantial exposure to these themes, as

An investor asked us recently about the beta of Technology stocks, and in particular to identify those with asymmetry – meaning the stocks that have measurably higher beta in down markets than in up markets. We think investors should know which stocks they own are higher beta in down markets than in up markets to

We have learned over the past several years that rarely, if ever, has valuation alone been a good reason to buy or sell a stock. We have written that when stocks get to 50x price-to-forward earnings, on average they begin to lag 9 months later (Do You Worry About Stocks At 50x Earnings?) and that

We advised investors to reduce their exposure to the Mag 7 three weeks ago (Level Set: Sell Some Mag 7), worried about their relatively high average beta, high and increasing capital intensity, elevated valuation, and the increased potential for disruption post the DeepSeek Monday over a month ago. The Mag 7 has lagged for two

Here are the three most-clicked charts from our February research. Interested in discussing these insights or hearing our latest views as we wrap up earnings season and look ahead into 2025? Let us know—we’d love to connect. 1. HEALTHCARE HAS THE HIGHEST PERCENTAGE OF BUY RATINGS In our research titled Sell-Side Analyst Ratings Are Mostly

Background: We have learned over the past several years that rarely, if ever, has valuation alone been a good reason to buy or sell a stock. We have written that when stocks get to 50x price-to-forward earnings, on average they begin to lag 9 months later (Do You Worry About Stocks At 50x Earnings?) and