Green Book March 2011
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Featured Articles
Digging Deeper With Group Level Data
This month’s “Quantitative Strategies” section presents a preliminary look at some long term trends in Valuations and Profit Margins for specific industry groups.
February Performance: Month Ends On A Whimper
During February, the only quantitative factor producing positive performance was Momentum. All other factors produced negative returns.
Look Out For Rising Inflation This Year
Given global economic recovery, and Fed action meant to stimulate the U.S. economy, we expect that inflation fires will heat up significantly in 2011.
Technology Distributors: A New Portfolio Holding
Established new Select Industries Portfolio group holding in Technology Distributors, boosting Info Tech sector exposure to 38% of total equity assets.
The Bond Bubble Is Beginning To Deflate… Is This Cheap Money Era Ending?
Bond bubble deflating, as investors demand higher yields to compensate for rising inflation and mountain of debt.
The Consumer Is Reviving… But Sell The Stocks
The game is now over for Discretionary, and this opinion is supported by the sector’s decline to the bottom of our GS Score ten-sector composite.
Thoughts On Asia Investing: Health Care—An Emerging Sector
Healthy Tigers is not a new exhibit at the zoo, but rather a new index of stocks that will benefit from expanding health care in emerging Asia countries, especially in China.
Two Down… One To Go?
Doug Ramsey highlights the “point of recognition” in this month’s “Inside The Stock Market” section. This is the point of maximum market upthrust, the point at which even hardened pessimists become convinced that the economic recovery and bull market are for real.
Update: Profit Margins At The Sector Level
In this month’s “Of Special Interest” section, Jim Floyd updates the broad sector profit margins charts. Information Technology now producing 15% margins, the highest levels ever. Energy and Materials sectors still relatively low, but rising commodity prices will support higher margins in 2011.
Valuations: The Good And The Bad
S&P Normalized valuations are already in the zone that have defined many important bull market tops.
Table of Contents
Stock Market
- Two Down… One To Go?
- Valuations: The Good And The Bad
- The Consumer Is Reviving… But Sell The Stocks
- Thoughts On Asia Investing: Health Care—An Emerging Sector
Of Special Interest
Macro Monitor
Equity Strategies
Quant
Inflation Watch
Digging Deeper With Group Level Data
This month’s “Quantitative Strategies” section presents a preliminary look at some long term trends in Valuations and Profit Margins for specific industry groups.
February Performance: Month Ends On A Whimper
During February, the only quantitative factor producing positive performance was Momentum. All other factors produced negative returns.
Look Out For Rising Inflation This Year
Given global economic recovery, and Fed action meant to stimulate the U.S. economy, we expect that inflation fires will heat up significantly in 2011.
Technology Distributors: A New Portfolio Holding
Established new Select Industries Portfolio group holding in Technology Distributors, boosting Info Tech sector exposure to 38% of total equity assets.
The Bond Bubble Is Beginning To Deflate… Is This Cheap Money Era Ending?
Bond bubble deflating, as investors demand higher yields to compensate for rising inflation and mountain of debt.
The Consumer Is Reviving… But Sell The Stocks
The game is now over for Discretionary, and this opinion is supported by the sector’s decline to the bottom of our GS Score ten-sector composite.
Thoughts On Asia Investing: Health Care—An Emerging Sector
Healthy Tigers is not a new exhibit at the zoo, but rather a new index of stocks that will benefit from expanding health care in emerging Asia countries, especially in China.
Two Down… One To Go?
Doug Ramsey highlights the “point of recognition” in this month’s “Inside The Stock Market” section. This is the point of maximum market upthrust, the point at which even hardened pessimists become convinced that the economic recovery and bull market are for real.
Update: Profit Margins At The Sector Level
In this month’s “Of Special Interest” section, Jim Floyd updates the broad sector profit margins charts. Information Technology now producing 15% margins, the highest levels ever. Energy and Materials sectors still relatively low, but rising commodity prices will support higher margins in 2011.
Valuations: The Good And The Bad
S&P Normalized valuations are already in the zone that have defined many important bull market tops.
Stock Market
- Two Down… One To Go?
- Valuations: The Good And The Bad
- The Consumer Is Reviving… But Sell The Stocks
- Thoughts On Asia Investing: Health Care—An Emerging Sector
Of Special Interest
Macro Monitor
Equity Strategies
Quant
Inflation Watch
Perception for the Professional
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Sector Navigator
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