Category: Investment Research

Economic Headwinds Facing Investors

The stock market had a strong start to 2023, with the S&P 500 finishing January with nearly a 6% gain. However, that trend began to reverse, as investors started to weigh the impact of numerous economic changes and challenges – such as mixed inflation data, bank failures, and a continued shortage of workers. 
Investors now need to pay attention to possible economic headwinds that can impact their portfolios.

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Value vs Growth: Is A Decade of Value Leadership Coming?

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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Is International Finally Ready to Shine?

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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John Rothe

John Rothe is the Founder and Chief Investment Officer of Riverbend Investment Management


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