Earnings
A Closer Look At Seemingly Cheap Valuations Based On Corporate Profits
S&P 500 valuations using corporate profits (National Income Accounts), not as cheap as suggested and are likely faulty, in our opinion.
Small Cap Leadership…..7th Inning, But Game Could Be Rained Out At Any Moment
Our equity exposure still overweight in small and mid cap stocks, but we expect the market is progressing to a state of parity.
Earnings By Sector - Looking For EPS Growth In 2004
ComparIng earnings growth and estimates from Q1 2004 to those at the end of 2003.
Earnings By Sector - Looking For EPS Growth In 2004
Earnings momentum still strong. Q4 reported S&P 500 earnings came in stronger than expected and 2004 estimates boosted to $60.00 (up 22%) after recording a 78% increase in 2003.
Reading The Tea Leaves The Stock Market One Year Ago...vs. Today
A comparison of today’s market conditions compared to one year ago. We look at valuations, sentiment, group leadership and Major Trend categories.
Tech Watch
The broad Tech sector has rallied significantly from lows and is not cheap by traditional valuation measures. Upside driver is earnings momentum, which continues to be strong.
A Look In The Rearview Mirror
This month’s “Of Special Interest” presents a critical review of what we thought was the best of The Leuthold Group’s work in 2003 and what was the worst.
View From The North Country
What’s in store for 2004? See “View From The North Country” for Steve Leuthold’s predictions. Targeting mid year stock market peak of 1250 for S&P 500 and 2400 for NASDAQ. Also makes prognostications on Interest Rates, Inflation, the Dollar, Fed Budget Deficit, and more.
A Closer Look At Small Caps Versus Large Caps
Weight of evidence no longer overwhelmingly favors Small Cap leadership, but we believe they still have upside potential.
Client Questions
Answering client questions on the economic recovery, bull market upside, valuations, Main Street and what could go wrong?
Tech Watch
Still overweight Info Tech, but stock selection likely to get tougher in coming months.
Current Earnings Expansion In Perspective....Strong Recovery Continues
The current earnings expansion has so far lasted five quarters. Our projections: $53.50 2003E reported EPS, $58.00 in 2004.
Wind In The Sails
Continue to position our portfolios to take advantage of the current updraft in the U.S. stock market. Economic results and earnings reports continue to surprise on the upside.
Strong Q1 Earnings Prompt Boost To 2003 Earnings Estimate
Overall earnings better than expected, as last year’s losses and write-offs turn into smaller losses and even gains in 2003.
Better Top Line Growth Points Toward Improved Bottom Line
Earnings momentum may appear to be slowing, but it is last year’s comparisons that were overstating the results.
And Now...Back To The Fundamentals
No doubt, “relief” was the primary component in April’s performance formula. Wall Street can now redirect the focus back to issues of domestic consequence….things like earnings, valuations, and economic growth.
Tech Watch
The broad Tech sector is down significantly from all time highs, but is still not cheap by traditional measures.
Answering Client Questions
Each month, we get a number of client questions via meetings, phone calls, and e-mails regarding various aspects of our research.
Buying Opportunity At Hand
Buying opportunity at hand. Stock market professionals should be anticipating, not reacting. Today, I view current market malaise as a potentially outstanding buying opportunity.
View From The North Country
Consumer confidence now dismal. Historical analysis however indicates that good buying opportunities are typically found during periods of extreme pessimism. Currently view Conference Board measure as a stock market positive!
Perception for the Professional
March 2026 Issue
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March 2026 Issue
