*Turkey’s current crisis stems from an overheated economy and increasing inflation *The Turkish Lira has declined 40% YTD vs. the USD but there’s probably more downside given that President Erdogan is unwilling to rein in growth *Valuation for Turkish assets…
2Q earnings have been very strong overall for the S&P 500. With earnings season almost over, 56% of companies reported a positive surprise and 9% reported a negative surprise Corporate fundamentals remain robust despite some high profile misses like Facebook…
Factor rotation was significant last week driving a large portion of the price action while the overall market was slightly up 0.6% Growth underperformed Value by 2.4% over the past week representing a 2.5 standard deviation move Previous Growth vs.…
A pie chart widely shared last week which compared the largest Technology stocks vs. the smallest stocks does not accurately represent the composition of the market Large-cap Technology stocks have driven index returns YTD, but that’s because the entire sector…
Monitoring sector performance is a powerful way to get a beat on the themes in the market. Since prices move before fundamentals, following sector rotation and understanding why it’s happening is a critical input into the investment process. Many variables…
Emerging markets (EM) peaked on January 26, 2018, and have underperformed the S&P 500 by about 15% since then. A combination of factors contributed to the recent weakness. The Fed began winding down its balance sheet and continued its hawkish stance,…
