Since the November lows, the relationship between Growth and Value names has traded place. If we take a look at the relative strength comparison between S&P 500 Value and S&P 500 Growth, we can see that after the Tech Collapse in 2000-2001, Value stocks outperformed Growth stocks on a relative basis up until the Great Financial Crisis. After 2009, Value underperformed Growth — until the stock market lows in November 2022.
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Today international stocks currently trade at more attractive valuations than U.S. stocks after a decade of underperformance. U.S. stocks trade at a higher next 12-month price-to-earnings multiple than international stocks. In addition, U.S. stocks trade more expensive against their historical valuation range, as evidenced by the 10th to 90th percentile range of historical price-to-earnings multiples.
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While doing my daily chart review, I noticed an interesting change within the S&P 500 taking...
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Monthly Market Summary The S&P 500 Index returned +5.6% during November, outperforming the...
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This month’s charts examine the trend of increasing consumer credit usage. Figure 1 charts the...
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Historical lookback of returns during the month of September. 1950 to 2022(as of 9/12/2022)
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One of the more “sticky” myths in the stock market is that of staying fully invested...
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John Rothe is the Founder and Chief Investment Officer of Riverbend Investment Management