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
•
March 9, 2026
This week, CEO Eric Boyce, CFA discusses: 1. surprising weak job report; weaker healthcare employment, lower participation, manufacturing employment, productivity higher, unit labor costs in check 2. ISM services sector looking better - orders, employment, order backlog - although Fed's survey of conditions remains sluggish 3. metals prices higher - possible rotation from resources consuming areas of the market (tech) to resources producing (energy, materials) 4. energy price impact of Iran conflict - supply constraints from Strait of Hormuz, shipping prices, higher gasoline prices and low strategic oil reserves 5. potential oil price shocks on inflation and economic growth 6. yield curve shifts up last week, decreased probabilities of short term rate changes - conundrum of lower employment coupled with higher possible inflation




