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Entries for 2017

Strong Earnings Growth And Favorable Valuations Lead To Weak Stock Returns

 July 22 2017     David Templeton
One factor utilized in uncovering potential investment opportunities is to evaluate companies and sectors that are projected to generate strong earnings and cash flow growth over the course of the next year or more. The risk associated with simply reviewing earnings growth rates is the fact other variables often influence the future price performance of a company's stock. A good case in point at t...

Why Vampires Are Wealthy

 July 21 2017     Anna Pfaehler
One summer in high school I spent my lazy free-time reading vampire novels by Bram Stoker and Anne Rice. Years later I would read works by Charlaine Harris and, I am embarrassed to say, Stephanie Meyer. While I would not say I am a vampire fanatic, I find it an entertaining genre. I was therefore a bit too excited when a client said “that’s why vampires are so rich!” when discuss...

Jump In Investor Bullish Sentiment But Remains Below Long Run Average

 July 20 2017     David Templeton
Today the American Association of Individual Investors released their Sentiment Survey results for the week ending 7/19/2017. These results show individual investors' bullish sentiment increased 7.3 percentage points to 35.5%. This is the highest reading since early May when bullish sentiment was reported at 38.1%. This jump in bullish sentiment still has the level below the long run average of 38...

Summer 2017 Investor Letter

 July 5 2017     David Templeton
Our Summer 2017 Investor Letter reviews the strong equity market performance thus far in 2017.  As of quarter end, the S&P 500 is up 9.34%, the Nasdaq is up 14.07%, and the MSCI EAFE Index is up 14.23% year to date. As investors become increasingly worried about the first significant market decline since early 2016, stocks continue to climb the proverbial “wall of worry.”For more of our thoughts o...

Spanning the Spousal Gap

 July 5 2017     Anna Pfaehler
My first day on my first job out of college, a colleague told me that if a certain client’s wife called to be very careful about what I told her because she wasn’t privy to all of their financial information. I have come to see this, for one reason or another, as very common.  There is no judgement in my office, even if I’d bristle at being an out-of-the loop as a spouse. I...

Market Pullbacks Should Be Expected

 June 26 2017     David Templeton
There have been plenty of reasons to sell stocks since the end of the financial crisis in 2008. The drumbeat seems to be getting louder as the postwar market advance approaches one of the longest on record.Source: The Leuthold GroupAlso contributing to some angst about the market's advance is the fact the last pullback/correction of greater than 10% occurred in February 2016. In other words the ma...

Student Loan Success

 June 19 2017     Anna Pfaehler
When I repaid my student loans, Navient asked me to share my success story. My success had little to do with me and everything to do with parents who did not let me go too deep into debt in the first place.  I realize that is of no use to those buried in debt looking for a way out. However, I do believe it is good advice for those helping children navigate paying for college. If student ...

Dogs Of The Dow Underperformance Gap Widening

 June 18 2017     David Templeton
The first six months of the year are nearly behind us so I thought it appropriate to provide an update on the performance for the 2017 Dogs of the Dow. As noted in the past, the strategy is one where investors select the ten stocks that have the highest dividend yield from the stocks in the Dow Jones Industrial Average Index (DJIA) after the close of business on the last trading day of the year. O...

Amazon: Selling And Delivering Groceries Is Not A High Margin Endeavor

 June 18 2017     David Templeton
Of course the big news last week was Amazon (AMZN) announcing it was acquiring Whole Foods Market (WFM) in a deal valued at $13.7 billion. The deal is an all cash one, but with Amazon's stock trading at a trailing price earnings multiple of 185 times one might think funding the purchase with stock might make more sense. Nonetheless, this acquisition announcement had ripple effects on many other co...

May Market Review

 June 13 2017     Matt Woebkenberg
Markets in the month of May were positive around the globe with stocks and bonds overseas outperforming US markets. The advances came in a month where economic data was mixed and political headlines became numerous. The NASDAQ 100  was once again the standout in the US as the tech-heavy index reached another all-time high. An impressive run in technology stocks amidst somewhat elevated valuations ...
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