Quarter-End Insights

We forecast a strong long-run U.S. recovery.

We share some highlights from this quarter.

Although the market's largest names are pricey, we see several pockets of value.

Sector fundamentals remain strong and dividends keep growing.

Lithium demand took a hit as a result of the pandemic, but we expect it to rebound.

Traditional media stocks still look the most attractive.

We expect demand to catch up in 2021 and 2022.

We're still fond of software and cybersecurity firms.

Some high-quality financial services firms are trading at decent discounts.

The aerospace, defense, and industrial distribution industries look undervalued.

A fourth of the real estate sector trades in 5-star territory.

We expect car and local travel to rebound before international and air travel.

We expect a coronavirus vaccine to be released within the next six months.

Several mega-cap stocks significantly overvalued.

Alcohol and tobacco stocks are trading at the greatest discounts to our fair value estimates.

Our analysis of the third quarter in stocks and funds.

What to make of the April to June period.

We don't think the market's engaging in irrational exuberance.

Our analysis of the second quarter in stocks and funds.

Coronavirus had an effect on second-quarter earnings, but utilities' long-term outlook remains strong.

Decline in the demand for lithium should be short-lived.

Rebound has been uneven in the sector.

Consumers are slowly starting to travel and eat at restaurants again.

Tobacco and alcohol look attractive.

It's been rocky, but the worst is probably behind us.

Banks are the most undervalued subsector.

Changes to U.S. healthcare policy no longer a major fear.

Housing market has been a bright spot during the pandemic.

Pandemic could speed up the transition to cloud computing and remote working.

We expect malls, hotels, and healthcare subsectors to rebound.

A third of our North American coverage is undervalued compared with two thirds last quarter.

Our analysis of the first quarter in stocks and funds.

Finally, some buying opportunities in the sector.

Two thirds of the stocks in our North American coverage are undervalued, trading at 4 or 5 stars.

Compelling opportunities in building materials and agriculture firms, which are less exposed to macroeconomic headwinds.

Google's online dominance should be able to withstand any shocks.

Plenty of reason to worry, but we still expect a nearly complete recovery.

Berkshire an ideal defensive investment for the long term.

Defense contractors could be a smart play in this volatile environment.

Hotel, mall, and healthcare subsectors should rebound strongly once the global crisis is over.

Eighty percent of the sector is undervalued, trading at 4 or 5 stars.

Tobacco and beverage subsectors look particularly attractive.

Compared with the previous quarter, patient investors have some good opportunities.

Fears of a progressive president and changes to the healthcare system have faded.

Market overestimated likelihood of a recession; financial-services stocks trading at a premium to our fair values.

Equipment-rental firms are also worth watching.

Overall, sector remains fairly valued and sensitive to interest rates.

No attractively priced subsectors, but cybersecurity is a hot topic.

Investors should approach these lofty valuations with caution.

We don't expect a major overhaul of the U.S. healthcare system.