Green Book September 1989
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Featured Articles
Avoiding the P/E Trap
Making relative value judgements for cyclicals on a P/E basis can be tricky. These stocks often look the cheapest when they should be sold and look the most expensive when they should be bought.
Bond Market Summary
In August, the dollar was strong and inflation fears continued to wane. So why were most long-term bonds down 2-4 points? We can blame the economy, or at least Wall Street’s perception of the economy.
Current Outlook
The 1987-89 bull market game is not over according to our work but indications are it’s in the 8th or 9th inning. In the coming months, as “soft landing” and “fly by” thinking shifts to “recession thinking”, the stock market could get pretty nasty.
Joke of the Month
Last month there was considerable negative feedback because the Joke of the Month winner was not a reader of this publication. From now on, winners will be selected only from reader entries.
Scanning the Markets
A performance run down for our equity market sectors ranked by August performance. All screen based Quantitative Themes are included, both active and experimental.
The Rinfret Market?
In August, as the “fly by” thesis went to the top of Wall Street’s popularity charts, the big cyclicals gained a new lease on life.
The Sag in Earnings Momentum
Are we going to see a “soft landing”, a “fly by”, or a recession? This work may ultimately provide some clues.
View from the North Country
In Memory of Ken Smilen...Unreal estate...New Zealand and Australian Market Update...Japanese Market and Copper
Why We Are Adding Gold Stocks To The Equity Model
We view this new holding in “North American Golds” as a tactical play, more or less of a defensive move in a stock market that appears increasingly vulnerable. But it could end up being much more than that if real trouble or turmoil lies ahead.
Table of Contents
Stock Market
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Avoiding the P/E Trap
Making relative value judgements for cyclicals on a P/E basis can be tricky. These stocks often look the cheapest when they should be sold and look the most expensive when they should be bought.
Bond Market Summary
In August, the dollar was strong and inflation fears continued to wane. So why were most long-term bonds down 2-4 points? We can blame the economy, or at least Wall Street’s perception of the economy.
Current Outlook
The 1987-89 bull market game is not over according to our work but indications are it’s in the 8th or 9th inning. In the coming months, as “soft landing” and “fly by” thinking shifts to “recession thinking”, the stock market could get pretty nasty.
Joke of the Month
Last month there was considerable negative feedback because the Joke of the Month winner was not a reader of this publication. From now on, winners will be selected only from reader entries.
Scanning the Markets
A performance run down for our equity market sectors ranked by August performance. All screen based Quantitative Themes are included, both active and experimental.
The Rinfret Market?
In August, as the “fly by” thesis went to the top of Wall Street’s popularity charts, the big cyclicals gained a new lease on life.
The Sag in Earnings Momentum
Are we going to see a “soft landing”, a “fly by”, or a recession? This work may ultimately provide some clues.
View from the North Country
In Memory of Ken Smilen...Unreal estate...New Zealand and Australian Market Update...Japanese Market and Copper
Why We Are Adding Gold Stocks To The Equity Model
We view this new holding in “North American Golds” as a tactical play, more or less of a defensive move in a stock market that appears increasingly vulnerable. But it could end up being much more than that if real trouble or turmoil lies ahead.
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
