Research
Overview of the Financial Markets
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Valuation of Equities
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Secular Changes That Should Lower Equity Valuations
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Tariffs
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Productivity
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Housing Bubble
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
2020-21 Hypergrowth Bubble
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
2000 vs. Today Comparison
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Secular Bull and Bear Markets
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Fixed Income and Government Debt
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Stock Buybacks
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Crypto and Gold
12/14/25S&P 500: 6827Nasdaq: 23,19510 Year Treasury: 4.1% David R. Snyder, CFA October marked the end of the fourth year of the Bitcoin cycle and a likely intermediate
Don’t Fight The Fed No Longer Valid?
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Oil and Natural Gas
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Risk-Adjusted Returns
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Economic Outlook
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Market Breadth
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Timing of AI Bubble Bursting
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Stock Market Concentration
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Boxes Checked For Near End of Secular Bull Market
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Investment Strategy
All valuation measures (price/cash flows, price/book, etc.) on the S&P 500 are at all-time highs except for P/E’s but we are at 2.5 standard deviations on P/E.
Speculation Rampant
12/13/20S&P 500: 3663Nasdaq: 1237710 year Treasury: 0.9% David R. Snyder, CFA Over the last month or two speculators have made 30 to 50% daily gains in “story
Once in a Generation
12/27/20S&P 500: 3703Nasdaq: 1280510 Year Treasury: 0.9% David R. Snyder, CFA 1968….1983….2000….2020. Those are the years that technology and/or internet bubbles peaked and it wasn’t pretty thereafter.
Upside Down in 2021
1/3/21S&P 500: 3756Nasdaq: 128810 Year Treasury: 0.9% David R. Snyder, CFA 2021 will be a reversal of 2020. With few exceptions every investment strategy that performed well
Buying the Dip
2/10/21S&P 500: 3910Nasdaq: 1397210 Year Treasury: 0.11% David R. Snyder, CFA Speculation continues to run rampant. Any stock market short term scare is met with frenzied buying.
The Last Phase
2/21/21S&P 500: 3907Nasdaq: 13,87410 Year Treasury: 1.3% David R. Snyder, CFA We are in the last phase of the first year of a bull market. In the
Go Go Stocks Go South
3/7/21S&P 500: 3848Nasdaq: 1264110 Year Treasury: 1.5% David R. Snyder, CFA In the late 1960’s there was a technology bubble and the fastest growing companies were known
Non Believers
3/21/21S&P 500: 3913Nasdaq: 1321510 year Treasury: 1.7% David R. Snyder, CFA Despite the dramatic outperformance of value over growth over the last six months, many investors and
The Craziness Is Ending
4/11/21S&P 500: 4129Nasdaq: 1390010 Year Treasury: 1.6% David R. Snyder, CFA For the last few months I have been ranting about all of the excesses in
Why This Rally Is Really Different
Most investors are not impressed with the 29% gain in the Standard & Poor’s 500 Index (S&P 500) from the March 9 low. The consensus is that
A Bear Is in Sight
Since this bull market began back in October 2002 or March 2003, there have been seven corrections of between five and ten percent. During each correction, I