Green Book September 1988
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Featured Articles
Bond Market Summary
For the month, the net loss for long T-bonds amounted to a half a point or less. All things considered, I thought it was an impressive performance, even though it took place in the dog days of August.
Comments on Our New Sector: IBM
Never before, in the history of this publication have we invested such a large percentage in a single stock. But never before has a virtual institution like IBM been so cheap.
Futures Earnings Growth in Historical Perspective
Based on past history, future long-term earnings growth assumptions of 7% (much less 10%) border on being out of touch with reality.
Major Trend Index Neutral, But Rally Expected
A significant intermediate term stock market rally may soon be getting underway. As of our August 29th calculation, the Early Warning Index of intermediate bottoms gave a Buy signal. The response of our Major Trend Index in this expected rally is now critical.
Scanning the Markets
About two thirds of the sectors beat the S&P 500 and DJIA in August (by not going down as much). Secondary stocks, as a class, also went down less than the big stock averages.
The Historical Relationship of Earnings Yields to Bond Yields…. Another Installment
In the August issue, we examined the historical relationship of bond yields and common stock earnings yields, looking at it in terms of a ratio. In this issue, we make the same comparison in terms of a basis point differential.
View from the North Country
Special Situations Stock Update...The Social Security Confusion…Another Panacea, the Aging of the Baby Boomers…Evel Knutson, the Daredevil Norwegian Trader, Moves on to New Horizons and is Replaced by “The Amazing Lefty”
Table of Contents
Stock Market
- View from the North Country
- Major Trend Index Neutral, But Rally Expected
- Futures Earnings Growth in Historical Perspective
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Bond Market Summary
For the month, the net loss for long T-bonds amounted to a half a point or less. All things considered, I thought it was an impressive performance, even though it took place in the dog days of August.
Comments on Our New Sector: IBM
Never before, in the history of this publication have we invested such a large percentage in a single stock. But never before has a virtual institution like IBM been so cheap.
Futures Earnings Growth in Historical Perspective
Based on past history, future long-term earnings growth assumptions of 7% (much less 10%) border on being out of touch with reality.
Major Trend Index Neutral, But Rally Expected
A significant intermediate term stock market rally may soon be getting underway. As of our August 29th calculation, the Early Warning Index of intermediate bottoms gave a Buy signal. The response of our Major Trend Index in this expected rally is now critical.
Scanning the Markets
About two thirds of the sectors beat the S&P 500 and DJIA in August (by not going down as much). Secondary stocks, as a class, also went down less than the big stock averages.
The Historical Relationship of Earnings Yields to Bond Yields…. Another Installment
In the August issue, we examined the historical relationship of bond yields and common stock earnings yields, looking at it in terms of a ratio. In this issue, we make the same comparison in terms of a basis point differential.
View from the North Country
Special Situations Stock Update...The Social Security Confusion…Another Panacea, the Aging of the Baby Boomers…Evel Knutson, the Daredevil Norwegian Trader, Moves on to New Horizons and is Replaced by “The Amazing Lefty”
Stock Market
- View from the North Country
- Major Trend Index Neutral, But Rally Expected
- Futures Earnings Growth in Historical Perspective
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
March 2026 Issue
Featured Articles
Sector Navigator
March 2026 Issue
