Charts & Chat - March 10, 2024
Eric Boyce • March 10, 2024
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

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



