Equity Research

U.S. Large Caps Have a Problem of Extraordinary Expectations

Recent rotation has helped resolve some of U.S. large cap stocks’ valuation excesses, but risks…

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Growth Investing May Have Peaked with the Pandemic

After outperforming for most of the last three years, growth stocks have been struggling relative…

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Tech’s Time Close to the Sun May Be Ending, and It Means a New Market Landscape

U.S. equity markets’ rotation out of technology has come a long way over the last…

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Stocks are Expensive – What Does That Mean for Returns?

U.S. large cap stocks ended 2025 in rare valuations territory, with the cyclically adjusted PE…

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Market Sense – A Deep Dive: Will Global Stocks Shine Again in 2026?

International shares outperformed US large cap stocks by the most since 2007, and developed markets…

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Geopolitical Turmoil May Continue to Elevate Value of International Diversification

International equities meaningfully outperformed US stocks last year, but the value of holding non-domestic stocks…

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So Far in 2026, Everyone but Tech is a Winner. Policy Currents Say It Won’t Last.

Domestic growth themes based on policy support and regulatory reprieve have largely driven equity market…

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Mind These Gaps During 4Q Earnings Season

Analyst expectations for about 8% growth in S&P 500 EPS in the fourth quarter earnings…

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Market Sense – A Deep Dive: Goldilocks May Lower the Temperature in 2026

There is a reason the mantra “run it hot” has become popular on investor wish…

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Stocks Bull Charge May Slow its Pace in 2026

Our macro model for S&P 500 valuations shows multiples have jumped too far ahead of…

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Bull Market May Need Both an Easy Fed and Robust Earnings in 2026

January events could set the tone for stocks in the year ahead, as elevated market…

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Can the Bull Keep Charging in 2026?

The S&P 500 is on pace for a third consecutive year of more than 15%…

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