Charts & Chat - December 1, 2024
Eric Boyce • December 1, 2024
CEO Eric Boyce, CFA discusses:
1. inflation expectations continue to fall
2. regional Fed surveys of manufacturing are looking better
3. capital spending increasing for non-technology firms
4. valuation gap between Mag 7 tech firms and rest of market; however, that gap is narrowing and breadth is improving
5. interesting that private multiples are contracting at the same time that public company multiples are expending
6. very high equity ownership on the part of the investing public
7. opportunity in foreign and emerging markets although value realization catalysts are varied
8. 2025 forecasts call for anywhere from 8.5 - 16% S&P 500 growth next year on increased earnings and relatively flat multiple growth...

By Eric Boyce
•
April 13, 2026
This week, CEO Eric Boyce, CFA discusses: 1. final 4Q GDP revision reflects weaker year-end environment. First quarter estimates are trending down, reflecting pressure from geopolitics 2. personal income trending lower, although credit outstanding remains flat 3. PCE prices are elevated, primarily from goods prices - housing continuing to drop 4. energy market impacts from Iran conflict - disproportionate impact on lower income, Asia energy markets 5. forward looking equity returns look to be more limited, following three years of above average returns - private investments will likely play a greater role going forward 6. still a considerable gap on individuals with retirement plans, even at the higher income levels 7. earnings estimates moving higher, especially for tech firms; accordingly, tech P/E multiples back down to overall index average




