Market Valuation Update
It's been a while, but it's time to provide an [...]
Price/Sales is Better Than Price/Earnings…for forecasting future returns
Executive Summary If we’re going to use valuation metrics to [...]
Determinants of Return and A Forecast
Tell me what sales per share will be in twelve years’ time along with the profit margin and the price-to-earnings ratio, and I will tell you the price twelve years from now.
BRIEF: Year End Market Returns Summary
What a year. The widely followed S&P 500 index ended [...]
Cyclicality of Profit Margins and Why Most Common Valuation Metrics Are Unreliable
Often in the past I’ve discussed current market valuations and [...]
