Quant Coalescence

August, 2016: “The Negative Earnings Streak Continues, but no one told the Market”

The markets continue to push higher, as the second quarter earnings wind down with yet another year over year decline in earnings. According to John Butters, VP, and Sr. Earnings Analyst at Factset and as of August 19th, 2016:

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Market Pulse

PCM 2016 Market Outlook: January 11, 2016

I believe that the U.S. financial markets may be nearing the end of the third stock market bubble in fifteen years. By some measures, equity valuations have reached the most extreme point in history. Market "internals" are starting to break down. Unless one has a 25 year time horizon, now is one of the worst times in history to enter into a traditionally allocated "buy and hold" equity and bond portfolio.

Using seasons as a metaphor, it is late fall in the U.S. equity market and economic cycle. There is a winter season coming. Between now and 2022, broad U.S. equity indexes are at risk of falling 50% to 60%.

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