![]() By comparison the S&P 400 MidCap and S&P 600 SmallCap indices were trading at equivalent multiples of 14.4 and 14.1 respectively. Looking at Yardeni Research’s earnings data, the S&P 500 was trading at a forward earnings multiple of just under 20 on. However, this is much less pronounced when you look at US small caps. If you look at forward earnings multiples on a historical basis, the last time the index was trading at these levels – bar the bizarre meme stock boom during the pandemic – was at the tail end of the Dot Com bubble. Looking at JP Morgan data, the S&P 500 was trading above its 25 year average, on six different valuation metrics, at the end of June. This would not be an illogical thing to believe. Of course, the other option may be that you think US valuations are too high. Given how much performance has been driven by growth over the past decade, to deliver outperformance investing in this manner is commendable. The other is that the portfolio is style neutral, with there typically being relatively even weightings of value and growth stocks. Given the average US large cap has 21 analysts covering it, gaining an informational edge that can deliver outperformance in the sector is no mean feat. ![]() One is that it has managed to deliver outperformance consistently – over 3, 5 and 10 year periods - investing in US large caps. JAM is arguably one of the more impressive trusts on the market today, for two reasons. Allianz Technology Trust (ATT) is one such fund and, having suffered in 2022, the trust has bounced back over the last 12 months to deliver positive returns again for shareholders.Īnother alternative is to invest via a US-focused trust, like JPMorgan American (JAM). In that case, it may make sense to simply target those companies delivering outperformance via a tech-focused trust. One take away from this could be that the US warrants higher valuations because companies in the Land of the Free continue to generate superior earnings growth – an argument that is made more compelling if you also believe we may be entering a reflationary trade. Data produced by S&P Dow Jones earlier this month found that over 75% of the returns delivered by the S&P 500 in first half of this year were attributable to just seven companies – Apple, Amazon, Alphabet, Microsoft, Nvidia, Tesla, and Netflix. However, returns have been driven almost exclusively by tech stocks in 2023, fuelled by huge amounts of hype surrounding artificial intelligence. By comparison, the UK was trading at close to half of those levels and the MSCI Japan Index, the second-highest relative to the US, was still trading at a multiple of 14.4. On, the US MSCI Index was trading at a forward earnings multiple of 20.2. Whether the much-vaunted soft landing will take place remains to be seen but if it does, then it would call to mind that famous Von Bismark quote – that God has a special providence for fools, drunks, and the United States of America. During portions of the stream, the songs "Remove Kebab" and "Gas Gas Gas" could be heard playing in the background.After enduring the most rapid rate hiking cycle of the past 40 years and a plethora of seemingly interminable macro-driven vacillations, it has been remarkable to see US stock valuations remain stubbornly high this year. The attacks were livestreamed by the suspected shooter on Facebook. On March 15th, 2019, shootings took place at the Al Noor Mosque and Linwood Islamic Centre in Christchurch, New Zealand, where at least 49 people were killed and an additional 20 were injured. The channel has made 19 rips with the song since in total. ![]() On May 16th, the channel uploaded their first rip with the tune, gaining over 78,000 views (shown below, left). The track was also popular in SiIvaGunner rips in mid-2017. On August 9th, 2017, YouTuber Malfoy edited a scene from the film Baby Driver with the song, gaining over 410,000 views (shown below, left). For example, on December 23rd, 2016, YouTuber parkanaur posted a CCTV video of a Russian car driving through an airport, gaining over 2.1 million views (shown below, right). The song began growing popular in parodies in late 2016 and early 2017.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |