Five Reasons To Curb Your Enthusiasm.”
This analysis is interesting, particularly when analysts are rushing to upgrade both economic and earnings estimates.
More importantly, investors are incredibly long-biased in portfolios, with equity allocations reaching some of the highest levels in history.
What Subramanian questions, and something we have asked previously, is all the
“good news” already
“priced in?”
“Amid increasingly euphoric sentiment, lofty valuations, and peak stimulus, we continue to believe the market has overly priced in the good news. We remain bullish the economy
but not the S&P 500. Our technical model, 12-month Price Momentum, has recently turned bearish amid extreme returns over the past year.”
Rosenberg presses contrarian market call
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Dave Rosenberg is, if anything, determined, and heâs also on notice for flying chart books.
In a LinkedIn post this week that he titled âOn Perseveranceâ, he recounts how his bearish positions in 2000, 2002 and 2008 were met with contempt by both institutional clients as well as his own colleagues.
Investorsâ bullishness is poised to be challenged.Â
Bloomberg
The head of bond trading at the firm where he once worked threw a package of Rosenbergâs own economic charts at Rosenberg and asked him whether he enjoyed being wrong all the time.
âLook, nobody is right all the time, and nobody is wrong all the time,â the economist who now works for himself said. âAnd more often than not, it really comes down more to timing, and I am historically early to a fault.
Expand All The Good News Are Priced In : BofA Lists 5 Reasons Why The S&P Will Drop To 3,800
by Tyler Durden
Wednesday, Apr 14, 2021 - 02:50 PM
Bank of America chief quant, Savita Subramanian, starts off her latest strategy note titled appropriately enough
Five Reasons To Curb Your Enthusiasm with a question: why despite the recent upgrade of US GDP from BofA economists and why despite positive guidance from companies - which led BofA to also raise its 2021 EPS estimate - did the bank not change its year-end S&P price target of 3800, nearly 400 points
below where the index is trading today?
Quantitative Value Investing is Broken realclearmarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from realclearmarkets.com Daily Mail and Mail on Sunday newspapers.
course, we are at a moment in time where young people are involved as they never have been before. these are the parkland students getting young people involved. i don t care how good you are, there s a generational gap. again, you can ask me for an answer for what happens four months from now. very clearly, soon, the democratic party is going to need to get some faces and some people who can speak to people in their 40s to people in their 20s. no doubt about it. but but to that point, it is some of those young candidates who have led at least started the abolish ice momentum here. there s a lot of momentum. you have a lot of democrats in the senate and the house who have jumped on board. you have a warning for them. you say, you have now made life harder for the 60 or 70 democrats fighting in districts we need to win if we ever want