Insight & Commentaries
We see the seven-year value cycle as now over. Instead, we are focusing our portfolio recommendations on growth.
We believe some markets are mis-pricing risk. Additionally, new data from the second-quarter Flow of Funds Report shows a very sharp falloff in net new borrowing by households; slippage in economy-wide profits; and an accelerating trend toward substituting corporate debt for equity.
Recent data shows some slippage in credit creation at the household level. We raise our recession expectation to 50% from 33% and, as a result, lower our S&P 500 year-end price target to 1,430.
Quarterly Report
Principles
Dividend Investing
