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Friday, October 19, 2018
A common asset possessed by every highly innovative company in the Knowledge Leaders Indexes is a rich store of intangible capital. Such reservoirs of knowledge take the form of trademarks, brands, software, even manufacturing processes, and there is only one […]
With the European Central Bank dragging its feet to begin the monetary tightening cycle, the difference between US and German rates has opened up to record levels. In the chart below, I show the yield on 10 Year US Treasury […]
A recent report by The Wall Street Journal identified a new generation of supercomputers as the fuel behind Big Oil’s “digital arms race to find oil and trim costs.” Indeed, make a quick visit to the websites of most of […]
Price excesses have built up over a long bull market. Stocks are expensive, and the volatility shock wave is traveling the globe. This quarter, we discuss the risks correlated with the current volatility, potential new sources of instability, and the […]
Among yesterday’s data releases was the widely followed ‘flash’ PMI report produced by Markit, which showed that the Manufacturing PMI increased to the highest level since the 4th quarter of 2014. Unlike the final report, which gets published on the […]
After spending the last four months consolidating gains, crude oil is breaking higher again, and it’s taking inflation expectations with it (charts 1 & 2). The break higher in crude isn’t surprising given that oil fundamentals haven’t been this good […]
Another month and another new high in equity valuations, at least relative to sales. Indeed, the median company in our developed world index (which covers the top 85% of companies in each country) just achieved a price to sales ratio […]
Baruch Lev is the Philip Bardes Professor of Accounting and Finance at the Stern School of Business, NYU. This article first appeared at the Lev End Of Accounting Blog and is shared here with his permission. See 2017 Hedge Fund Letters. Today’s Wall Street […]
Last night the China Shanghai CSI 300 index fell a bit more than 1.6%, taking out February lows and setting a new YTD low for the index. This is important since the global equity markets have a very high correlation […]
Recent weak data emanating from the Eurozone has been weighing on German Bund yields. The significant drop in the Eurozone Citigroup Economic Surprise Index (CESI) has pressured German Bund yields lower. Looking through the structural decline in German yields, we […]
