Inside The Stock Market ...trends, cross-currents, and outlook
June Mutual Fund Flows
Estimated net inflows into U.S. equity funds increased significantly in June compared to May and nearly doubled year ago flows.
View From the North Country
Asia Investing: One of the greatest investment opportunities of a lifetime. Don’t be near-sighted, being “early” can be a virtue.
The Asian Grand Opportunity...Buy On Weakness
Small addition to Emerging Country Funds in both portfolios with purchase of Greater China Fund.
Was Q2 a Tough One For You?
S&P 500 turned in a +3.3% return for Q2 and not many managers matched it. Only a mere 20% of the Leuthold sectors tracked outperformed it.
Day To Day Stock Market Volatility
Volatility increased significantly in June compared to May: 32% of the trading days had moves of 1% or more.
Day To Day Stock Market Volatility
Only two of the twenty trading days in May closed with moves of 1% or more.
Insider Block Measures...An Update Of May Special Research Study
Insiders’ Big Block Transactions: latest reading indicating net selling at 16 year high.
Major Stock Market Positives and Negatives
A review of the significant stock market positives and negatives as I currently see them.
View From the North Country
Remembering Mister Johnson, the founding spirit of Fidelity. A “Balanced” mutual fund up 8% in a single day? Also, a reader response to last month’s comments on a new NYSE rule and how good were the good old days?
May Mutual Fund Flows
Mutual fund investors’ enthusiasm cooled during May’s volatile stock market, leaving monthly total equity fund inflows at the lowest level since March 1997.
The Not So Merry Month of May
May was malicious for most portfolio managers. Despite just modest declines for the S&P 500 and DJIA, 80% of Leuthold sectors were down more.
Broad Sector Earnings Momentum
Using the broad sector component stocks, Jim Floyd calculates the Leuthold Weighted year over year, quarterly operating earnings gain (or loss) utilizing the companies in each sector.
April Mutual Fund Flows
Net inflows into U.S. equity funds for April are estimated to be down slightly from March but still running almost 40% ahead of a year ago.
Worth Noting
Stock market volatility, U.S. savings rate, gold stocks, Y2K, the software engineer shortage and stock options.
Dividend Discount Models...Sensitive: Handle with Care
A March 30, 1998, WSJ piece reflects the optimism of this market, substituting earnings for dividends and ignoring any potential equity risk premiums.
View From the North Country
If you’ve been in this business 30 years you’ll remember Adam Smith’s “The Money Game”. Read it again. Those who never read it, find a copy. Also, the results of our 1998 reader survey and a parody worthy of the “Bawl Street Journal” provides the first totally honest daily stock market report.
April: Earnings Cross Currents
Late April preliminary real GDP estimate was a strong 4.2% gain, with the lowest inflation adjustment in 34 years. The price index for gross domestic purchases was unchanged from the prior quarter for the first time since 1954.
Earnings Momentum Update...Signs of Slowdown
There are signs of an earnings slowdown especially within the big cap arena...small cap earnings have held up relatively better.
Playing the Bounce Update: Bounce Stocks Faded In March
Among the Big Cap Bounce qualifiers, it did look like there was a bounce in January and February, but closer examination reveals it was really a Tech bounce.
Earnings Confusion Questions and Answers
Jim Floyd attempts to answer which is more meaningful: reported, operating, or cash flow? Also, what best describes current earnings reporting requirements (FASB 128)?
Perception for the Professional
March 2026 Issue
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March 2026 Issue
