Green Book September 1994
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Featured Articles
Inside the Bond Market
Weight of the evidence discipline remains negative on a cyclical basis.
Joke of the Month
After July’s cascade of joke flow, August all but dried up. Actually, the best joke I heard in August was told by Maine’s “down east” humorist Tim Sample.
Major Trend Index Improved, But Still Negative
It still looks like a bear market to us or, at minimum, an old bull market that is topping out.
Scanning the Markets
A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by August’s performance.
Supply/Demand Considerations
New equity supply contracts sharply in August as Wall Street goes to the beach. Equity fund buyers continue to pour the money in, so demand greater than new supply in August.
Update on Leuthold Valuation Benchmarks
The strong second quarter called for an upward revision in our 1994 earnings estimates. Revised book value calculations for the DJIA and S&P indices were also calculated in August. These proved to be significantly lower than our estimates. Thus, some necessary revisions in our valuation Benchmark work is warranted.
Valuation Considerations
S&P 500 normalized PE and yield in top (worst) decile of 1926 to date data history. From these valuation levels 12 month total returns average a big fat zero.
View From the North Country
Cash isn't trash, not in 1993 and not today. The real value of cash is its opportunity value, not its yield. Are you an AARP member? "Seeds of Generational Warfare” points out many of the reasons for the growing demographic conflict, young versus old.
Water Purification: Prepare For a Downpour of Growth
Pure water offers growth opportunities across the global economic spectrum.
Why We Are Buying Big Cap Growth Stocks Now
Big cap growth stocks appear to be in the early stages of regaining leadership from the “tired” cyclicals and “overvalued” value stocks.
Table of Contents
Stock Market
- Major Trend Index Improved, But Still Negative
- Valuation Considerations
- Supply/Demand Considerations
- Update on Leuthold Valuation Benchmarks
- View From the North Country
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Inside the Bond Market
Weight of the evidence discipline remains negative on a cyclical basis.
Joke of the Month
After July’s cascade of joke flow, August all but dried up. Actually, the best joke I heard in August was told by Maine’s “down east” humorist Tim Sample.
Major Trend Index Improved, But Still Negative
It still looks like a bear market to us or, at minimum, an old bull market that is topping out.
Scanning the Markets
A performance rundown for The Leuthold Group's equity market sectors (and other measures) ranked by August’s performance.
Supply/Demand Considerations
New equity supply contracts sharply in August as Wall Street goes to the beach. Equity fund buyers continue to pour the money in, so demand greater than new supply in August.
Update on Leuthold Valuation Benchmarks
The strong second quarter called for an upward revision in our 1994 earnings estimates. Revised book value calculations for the DJIA and S&P indices were also calculated in August. These proved to be significantly lower than our estimates. Thus, some necessary revisions in our valuation Benchmark work is warranted.
Valuation Considerations
S&P 500 normalized PE and yield in top (worst) decile of 1926 to date data history. From these valuation levels 12 month total returns average a big fat zero.
View From the North Country
Cash isn't trash, not in 1993 and not today. The real value of cash is its opportunity value, not its yield. Are you an AARP member? "Seeds of Generational Warfare” points out many of the reasons for the growing demographic conflict, young versus old.
Water Purification: Prepare For a Downpour of Growth
Pure water offers growth opportunities across the global economic spectrum.
Why We Are Buying Big Cap Growth Stocks Now
Big cap growth stocks appear to be in the early stages of regaining leadership from the “tired” cyclicals and “overvalued” value stocks.
Stock Market
- Major Trend Index Improved, But Still Negative
- Valuation Considerations
- Supply/Demand Considerations
- Update on Leuthold Valuation Benchmarks
- View From the North Country
Of Special Interest
Macro Monitor
Equity Strategies
At Random
Perception for the Professional
March 2026 Issue
Featured Articles
Sector Navigator
March 2026 Issue
