Green Book August 1988
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Featured Articles
Bond Market Summary
T-bonds went into a seven trading day swoon in early July. Then for the rest of the month they backed and filled. Outside the Treasury market, damage was considerably less in July.
Joke of the Month
This month's winner was sent by Bob Alder, Colorado Capital Advisors. Bob also sent along considerable information on the Social Security surplus. We plan to again address this joke as well, but not until next month.
Market Deterioration in July
The stock market in July was a dull listless affair....at least until the last two days of the month. However, at this point, even this rally has not been impressive. Not much breadth and not much conviction.
New Screens and a New Portfolio Sector
Stocks selected from the newly developed “Net Net Working Capital” screen are now viewed as a distinct equity model sector. Two other new screening disciplines were included in the August Quantitative Themes: “Historical Low P/E” and “Implied Growth”.
Scanning the Markets
Not many sectors beat the S&P 500 and DJIA in July. Secondary stocks lagged in the month end rally. For the month, only five of our indices registered gains. But there were not any very big losers either.
The Historical Relationship of Earnings Yields to Bond Yields
This is the third in a series of studies presenting historical relationships between stock market valuations and bond yields. In this issue, we examine the historical relationship of the bond yield and common stock earnings yield in terms of a ratio.
View from the North Country
Political Overreaction to the Drought...Grain Markets Reveal Improved Crop Expectations...Japanese Stock Market Update...DeBeers and South Africa
Table of Contents
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
T-bonds went into a seven trading day swoon in early July. Then for the rest of the month they backed and filled. Outside the Treasury market, damage was considerably less in July.
Joke of the Month
This month's winner was sent by Bob Alder, Colorado Capital Advisors. Bob also sent along considerable information on the Social Security surplus. We plan to again address this joke as well, but not until next month.
Market Deterioration in July
The stock market in July was a dull listless affair....at least until the last two days of the month. However, at this point, even this rally has not been impressive. Not much breadth and not much conviction.
New Screens and a New Portfolio Sector
Stocks selected from the newly developed “Net Net Working Capital” screen are now viewed as a distinct equity model sector. Two other new screening disciplines were included in the August Quantitative Themes: “Historical Low P/E” and “Implied Growth”.
Scanning the Markets
Not many sectors beat the S&P 500 and DJIA in July. Secondary stocks lagged in the month end rally. For the month, only five of our indices registered gains. But there were not any very big losers either.
The Historical Relationship of Earnings Yields to Bond Yields
This is the third in a series of studies presenting historical relationships between stock market valuations and bond yields. In this issue, we examine the historical relationship of the bond yield and common stock earnings yield in terms of a ratio.
View from the North Country
Political Overreaction to the Drought...Grain Markets Reveal Improved Crop Expectations...Japanese Stock Market Update...DeBeers and South Africa
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
March 2026 Issue
Featured Articles
Sector Navigator
March 2026 Issue
