Good Morning,
Attached is the updated JP Morgan Guide to the Markets piece. Below are some of the more timely graphics.
S&P 500 EPS Growth: remains strong, driven mostly by margin expansion
Underperformance of Value vs. Growth: value has drastically underperformed, driven largely by lag in financials
GDP Components: Consumption is the main driver of GDP and its growth
GDP Growth: YoY expansion is now greater than long term average and the recent expansion average
Nominal vs. Real Yields: with 10-year yields remaining relatively flat, inflation increases reducing real yields
Barclays Agg and Returns: similar to CAPE, outlook of returns based on current bond yields
Global Equity Markets: drastic difference between 2017 & 2018
Peter Malone, CFA
Research Analyst
Direct: 617.226.0030
Fax: 617.523.8118
Crestwood Advisors
One Liberty Square
Suite 500
Boston, MA 02109