Green Book April 1987
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Featured Articles
Bond Market Summary
As we enter April, our view of the bond market is increasingly cautious. Very short-term, a snap back is expected after the rocky action in recent sessions, but then what? This issue we are pulling in our horns, reducing long bond exposure.
Intrinsic Value Benchmarks
We were not planning to publish the Leuthold Group’s Histographs this issue. But clearly a number of clients have a high level of interest in this work. We had a large number of calls this last month requesting updates. So, here they are again.
Japan Investors Are Not Forever
A number of factors have, in recent months, combined to create strong Japanese demand for U.S. equities, especially the known recognizable U.S. names. But keep in mind, attitudes and current conditions can change almost overnight.
Joke of the Month
Our most prolific contributor, Roger Young in Houston, almost won again this month but was edged out by the Leuthold Group’s own Lorna Sorensen.
Liquidity Considerations
The stock market might still go higher, but at least some elements of the liquidity thesis are no longer quite as valid as they were even a month or two ago. More and more, the liquidity driven case is narrowing down to the waves of cash rolling across the Pacific.
More Cautious
A month ago, this publication recommended clients start moving toward a defensive posture. Our cautious stance toward the stock market is essentially unchanged from last month. If anything, we have become more cautious.
Stocks…Where Else Can I Make Money?
Where else can all the world’s liquidity go, other than into the stock market? After all, bonds are not attractive. It has to flow into stocks, doesn’t it?
The Return of the “Undervalued and Unloved”
In this issue, our equity portfolio is moving back toward value. Herein we explain why and present the detailed screening results from our most recent set of undervalued screens.
The Stock Market in March
It was a strange and narrow market in March, almost a reverse image of the preceding month. The S&P 500 gained 2.6%, the DJIA 3.6%, but very few market sectors outperformed these benchmarks.
View from the North Country
A Giant Step Backward: Hoggish House’s Pork Barrel Propensity for Speedy Spending… Gold stocks are exploding, but gold itself is only edging higher. What is going on?
Table of Contents
Stock Market
- View from the North Country
- More Cautious
- Liquidity Considerations
- Japan Investors Are Not Forever
- Stocks…Where Else Can I Make Money?
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
As we enter April, our view of the bond market is increasingly cautious. Very short-term, a snap back is expected after the rocky action in recent sessions, but then what? This issue we are pulling in our horns, reducing long bond exposure.
Intrinsic Value Benchmarks
We were not planning to publish the Leuthold Group’s Histographs this issue. But clearly a number of clients have a high level of interest in this work. We had a large number of calls this last month requesting updates. So, here they are again.
Japan Investors Are Not Forever
A number of factors have, in recent months, combined to create strong Japanese demand for U.S. equities, especially the known recognizable U.S. names. But keep in mind, attitudes and current conditions can change almost overnight.
Joke of the Month
Our most prolific contributor, Roger Young in Houston, almost won again this month but was edged out by the Leuthold Group’s own Lorna Sorensen.
Liquidity Considerations
The stock market might still go higher, but at least some elements of the liquidity thesis are no longer quite as valid as they were even a month or two ago. More and more, the liquidity driven case is narrowing down to the waves of cash rolling across the Pacific.
More Cautious
A month ago, this publication recommended clients start moving toward a defensive posture. Our cautious stance toward the stock market is essentially unchanged from last month. If anything, we have become more cautious.
Stocks…Where Else Can I Make Money?
Where else can all the world’s liquidity go, other than into the stock market? After all, bonds are not attractive. It has to flow into stocks, doesn’t it?
The Return of the “Undervalued and Unloved”
In this issue, our equity portfolio is moving back toward value. Herein we explain why and present the detailed screening results from our most recent set of undervalued screens.
The Stock Market in March
It was a strange and narrow market in March, almost a reverse image of the preceding month. The S&P 500 gained 2.6%, the DJIA 3.6%, but very few market sectors outperformed these benchmarks.
View from the North Country
A Giant Step Backward: Hoggish House’s Pork Barrel Propensity for Speedy Spending… Gold stocks are exploding, but gold itself is only edging higher. What is going on?
Stock Market
- View from the North Country
- More Cautious
- Liquidity Considerations
- Japan Investors Are Not Forever
- Stocks…Where Else Can I Make Money?
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
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Sector Navigator
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