Stocks broke their winning streak as volatility returned with a vengeance to kick off the year.
Among a mostly fairly valued industrials sector, some good values remain.
Innovation, consolidation, and a mixed regulatory picture for healthcare stocks in the first- quarter.
We see financial services stocks across the globe as fairly valued today.
The sector looks modestly overvalued as a whole, but there are some attractive firms in enterprise software and IT services.
Utilities sell-off presents opportunities for long-term investors.
REITs have focused on strengthening their portfolios, deleveraging, and capital recycling in the face of higher bond yields and new construction.
We expect ample opportunity in the VC-backed IPO market as alternative liquidity routes gain popularity.
As dealmakers look to innovate their origination process, we anticipate a continued rise in take-privates and corporate divestitures.
We see a few values for long-term investors amid intense competition.
Our bearish view on the mining and metals sector means the basic materials coverage universe trades at a market-cap-weighted 30% premium to our fair value estimates.
E-commerce market share gains present challenges for some, but trends continue to support healthy profitability for many companies.
Huge output decline boosts near-term fundamentals, but lofty prices likely to trigger dangerous shale growth later.
We see value in several firms as consumers migrate away from traditional TV bundles and Europe invests in fiber and 4G.
Rising rates and widening credit spreads took their toll in the first quarter of 2018.
4- and 5-star stocks are harder to come by in today's market, but a few values are still out there.
Stocks soared in the fourth quarter (and all of 2017) as corporate tax cuts became a reality. Plus, fund category and index return data.
We expect buyout multiples to remain elevated as several different groups compete to acquire private companies.
We expect to see a further bifurcation of VC activity between the late stage and the softening angel and seed space.
As cryptographic tokens proliferate and institutional investors find new ways to access them, the frenzy should only continue in 2018.
Industrials are the second-most-expensive sector we cover, but these picks can reward investors.
Though fairly valued overall, we see attractive investment opportunities scattered across various asset classes.
M&A, cloud competing are the hot topics in tech.
Utilities valuations appear to have peaked, but investors should remain cautious.
Innovation and redeployment of capital are factoring heavily in the sector.
But both firms still need scale to compete long term against Verizon and AT&T.
Although some retailers continue to cede share to online peers, some protected businesses should deliver rising profitability.
Even amid sluggish growth, pockets of value remain for long-term investors.
Major competitive and regulatory developments with asset managers prevail, while interest rates are a key trend for financials in general.
4- and 5-star stocks are harder to come by in today's market, but a few stock-specific stories are still out there.
Fixed income performance was mixed as the yield curve compressed to its flattest level since before the financial crisis.
Propped up by Chinese stimulus, mined commodity and miner share prices remain overvalued.
The inevitable resumption of production growth in the U.S., coupled with expansion in Libya and Nigeria, will likely nudge crude stockpiles higher again in 2018.
Geopolitical rumbles and natural disasters couldn't keep stocks down in the third quarter.
Availability of funds for VC-backed companies pushes out exit timelines and encourages alternative liquidity.
As investors deploy large reserves of capital into a market with elevated prices, deal sizes have climbed to decade-highs.
Acquisition multiples in the U.S. are at record levels, while pricing for European deals has stabilized.
Even the outlook for tightening monetary policies worldwide can't stop utilities from reaching near-record valuations.
Semiconductor equipment appears overvalued as booming near-term orders won't last forever, while some value remains in SaaS vendors.
Despite a general premium to our fair value estimates in the sector, we still see several opportunities for investors.
REITs appear fairly valued on average, and some rockiness could be on the horizon, but opportunity exists within certain asset classes.
Retailers realize foot traffic is declining, but reactions have largely failed to return performance to historical growth levels.
Risks to traditional business models remain from e-commerce and retail bifurcation.
Nothing is certain in the world of oil, but a crude awakening for energy investors could be near.
The macro economy remains generally benign, but banks continue to strive for increased operational and capital efficiency.
Valuations in the healthcare sector in aggregate look fair, increasing the importance on stock selection where innovation and redeployment of capital weigh heavily.
China's economic rebalancing means an overvalued basic materials sector, but consumption growth creates opportunities in areas such as telecom.
A brief bout of volatility kept interest rates low this quarter, while ongoing healthy corporate fundamentals supported corporate credit spreads.
With China's credit growth slowing, we continue to expect mined commodity prices in general, and particularly iron ore, to fall materially and for share prices to follow.
The AT&T-Verizon duopoly is being undermined at the margin by T-Mobile and Sprint. Plus, the French telecom market has stabilized.