This week, CEO Eric Boyce, CFA discusses: 1. equity sentiment and fund flows remain positive, even if valuations are getting stretched. 2. Clear disconnect between Mag 7 and rest of the market in terms of value, contribution to earnings, etc.; small-mid caps more attractive 3. Fixed Income - credit quality, optimism on high yield remains strong, munis overvalued relative to treasuries 4. Service inflation, input prices, new orders all look better. Services PMI remains +50. 5. revolving credit, credit card balances, interest rates and delinquencies all increasing - not at alarm stages...yet. 6. labor market trends remains strong, real earnings remain positive 7. BENEFITS OF SAVING EARLY - chart
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