The EBITDA yield on
the Market Median stock was comparable to its yield in 2000 (and its yield now), but Cheap stocks were close to all - time low yields (all - time high valuations).
Not exact matches
While consumers may have also benefitted from the
stock market's Trump rally via their holdings in mutual funds and 401 (k) s, it didn't quite translate to their paychecks: According to the Bureau of Labor Statistic (BLS), U.S. workers earned a
median wage of about $ 43,380.48 in 2016 — a 2.8 % raise, or $ 1,214.65.
After reviewing the revised peer group director compensation data in June 2009, the committee 1) set pay for the new non-executive Chairman of the Board, 2) increased the value of the annual equity award from $ 145,000 to $ 175,000, since the previous level of compensation was deemed below the
market median, and 3) changed the equity grant vehicle from 100 % restricted
stock units (RSUs) to 50 % RSUs and 50 % outperformance
stock units (OSUs) in order to more closely align with the equity package that Intel executives receive.
In March 2000, near the
stock market's bubble peak, the
median price / earnings ratio on the largest 50 S&P 500
stocks was 35.6, while the
median P / E on the smallest 50 S&P 500
stocks was just 10.1.
He considers large and small
stocks separately, delineated by
median NYSE
market capitalization, either value - weighted or equal - weighted.
As usual, I don't place too much emphasis on this sort of forecast, but to the extent that I make any comments at all about the outlook for 2006, the bottom line is this: 1) we can't rule out modest potential for
stock appreciation, which would require the maintenance or expansion of already high price / peak earnings multiples; 2) we also should recognize an uncomfortably large potential for
market losses, particularly given that the current bull
market has now outlived the
median and average bull, yet at higher valuations than most bulls have achieved, a flat yield curve with rising interest rate pressures, an extended period of internal divergence as measured by breadth and other
market action, and complacency at best and excessive bullishness at worst, as measured by various sentiment indicators; 3) there is a moderate but still not compelling risk of an oncoming recession, which would become more of a factor if we observe a substantial widening of credit spreads and weakness in the ISM Purchasing Managers Index in the months ahead, and; 4) there remains substantial potential for U.S. dollar weakness coupled with «unexpectedly» persistent inflation pressures, particularly if we do observe economic weakness.
The current valuation of the S&P 500 is lofty by almost any measure, both for the aggregate
market as well as the
median stock: (1) The P / E ratio; (2) the current P / E expansion cycle; (3) EV / Sales; (4) EV / EBITDA; (5) Free Cash Flow yield; (6) Price / Book as well as the ROE and P / B relationship; and compared with the levels of (6) inflation; (7) nominal 10 - year Treasury yields; and (8) real interest rates.
To offer some insight on prospective losses over the completion of the
market cycle, the following chart examines the S&P 500
stocks, and shows the
median drawdown (loss to lowest point) of
stocks within each valuation decile.
Rising
stock markets — the S&P 500 has tripled since reaching a low in March 2009 and over the last 10 years, the largest public pension plans have earned an average return of 7.45 percent, broadly in line with the
median long - term goal of 8 percent — have boosted pension plan coffers to the highest level of assets they've ever had.
Although we omitted over-the-counter (OTC)
stocks from consideration, the companies passing the Rea - Graham screen are still relatively small, with a
median market capitalization of $ 226 million.
Vanguard also recently published a 2017 economic and
market outlook in which the fund giant had a
median forecast for the next 10 years of 6.6 % for
stocks and 3.1 % for bonds.
The
median P / E ratio for the
stocks in the S&P 500 fell below 15 last week, a level it had also reached at the
market's bottom in 2002.
In comparison, the
median market cap of exchange - listed
stocks is $ 358 million.
The
median market cap of $ 3,390 million for the
stocks passing the Weiss screen is consistent with a portfolio of mid - to large - sized companies.
The Large Cap Fund normally invests at least 80 % of its net assets in equity securities, consisting of domestic common and preferred
stocks of large capitalization («large - cap») companies — a company, at time of purchase by the Fund, with a
market capitalization greater than or equal to the lesser of $ 10 billion or the
median market capitalization of companies in the S&P 500 Index.
We define the U.S. large - cap equity universe as
stocks whose
market capitalizations are greater than the
median market - cap on the NYSE.
In comparison, the
median market cap of all exchange - listed
stocks is $ 363 million.
The
median market cap of $ 5,738 million for the
stocks passing the ADR screen is consistent with a portfolio of mid - to large - sized companies.
Low Quality's Round Trip Bad News Bulls
Stock Performance Following the Recognition of Recession The Beginning of the Middle Experimenting with the
Market's
Median Valuation Anchored Inflation Expectations and the Expected Misery Index Consumer Spending Break - Down Recessions and the Duration of Bad News Price - to - Sales Ratio May Prove Valuable International
Markets Show Important Divergences Fixed Investment and the Technology Rally Global Yield Curves, Earnings Growth, and Sector Returns Recessions and
Stock Prices Adjusting P / E Ratios for the
Market Cycle Private Equity and
Market Valuation Must
Stocks Rise Following a Cut in the Fed Funds Rate?
While a few big energy
stocks make the cut (COP, HES, MRO), the
median market cap of these 65
stocks is just $ 1B.
Outlier years like 1999, and 2011 will occur occasionally, but, on average, you're better served buying Cheap
stocks, and remaining cautious during periods when the
median stock in the
market offers a historically low yield, like right now.
Last week I ran a post about the
median stock trading at an all - time high valuation that included this chart from «Millennial Investor» Patrick O'Shaughnessy showing historical EBITDA yields for all
stocks in the universe greater than $ 200 million
market capitalization from the period 1971 to date:
In the Credit Crisis, the
median stock in the value decile yielded 16.75 percent in June 2007, more expensive than at any time in the early 2000s, while the
median stock in the
market yielded 9.2 percent.
The industries shaded yellow represent industries where the
stocks are closer to their 52 - week high than their 52 - week low, but are have average range statistics lower than the
median of the
market.
The
median market cap of exchange - listed
stocks is $ 380 million.
The ETF's
median stock has a
market cap of about $ 135 billion, which is about two and a half times larger than the
median of the Dividend Appreciation ETF.
If you selected for instance only North American
stocks which are not listed on the OTC or pink sheets and have a
market cap in excess of $ 200m, all percentiles,
medians and composite scores will be calculated based on this filtered dataset.
We define the US large - cap equity universe as
stocks whose
market capitalizations are greater than the
median market capitalization on the NYSE.
Features 2011 Year - End Screening Review: A Difficult Year for
Stocks and Strategies Last year's
market turbulence hurt, with the AAII screens posting a
median loss of 3.8 %.
Even so, by investing in
markets only when they are truly cheap (>
median real earnings yield) and holding cash otherwise, investors would have generated about 70 % of the total return to
stocks with less than half the volatility and 73 % lower drawdowns since 1934.
«Shortly before the housing bubble burst, the
stock market crashed and the worldwide economy went into a deep recession, the
median home price in Wilsonville was $ 406,300, according to Zillow.