Quarterly' Quant Coalescence

May' 2017: Equity indices advanced in April: Strong corporate earnings boost performance

With almost 60% of the S&P 500 companies having reported 1st quarter performance thus far, corporate earnings are expected to rise over 10% from the prior year. This positive performance pushed equities higher in April as optimism for accommodative trade policies, lower corporate taxes and reduced regulation, championed by the Trump administration, began to fade.

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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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