Quant Coalescence

March, 2016: "Spring has sprung….earnings expectations, not so much"

We will soon “Cruz” into earnings season for 1st quarter 2016 and so far the downward revisions are “Trumping” the upward revisions, as Bulls may need to prepare to “Feel the Bern”. “Hillaryious”, right? Okay, maybe not so much. Obviously, I am watching too much political commentary, but be honest….so are you....

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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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