Sentences with phrase «even average valuations»

The 2002 - 2003 lows never actually reached even average valuations, much less historical medians, but we did observe enough value based on normalized fundamentals and improved market action to remove most of our hedges in early 2003.

Not exact matches

«Nowadays,» say the two experts, «valuations are much more sober: the average NASDAQ - listed company today trades at around 21x PE, and even high - flying companies such as Apple, the most valuable company ever, trades at only 15x PE.»

When valuations exceeded even 12 times normalized earnings (on our most comprehensive measure discussed above), seemingly «favorable» market action was followed by profound losses averaging -69.8 % on an annualized basis (generally reflecting a few weeks of vertical losses until enough damage was done to kick the market action measures negative).

In the 33 years since the 1982 low, valuations have quadrupled, and the S&P 500 has enjoyed an average price increase of 9.5 % annually, even though nonfinancial gross value added has increased by only 5 % annually.

This does not, for even a moment, change the fact that the most reliable measures of valuation are now an average of 3.0 times their historical norms.

Even with some recent pullbacks, the P / E ratio of big U.S. companies, and the valuation of the market itself, are far above the international average.

The company's cash flow is a better metric to use for profit and valuation, and investors are paying much less for cash flow now (even though it's very likely to rise considerably in the near term) than they've been paying, on average, for the last three years.

Even technical analysis supports the extent of the washout in valuations: Just 25 % of the Nikkei 225 Index constituents are above their 50 - day moving averages, which is typically a level that precedes mean reversion and retracement trades.

One can relate this directly to a 10 - year prospective return by recalling that historical tendency for market cycles to establish normal prospective returns — if even briefly as in 2009 — at their troughs (and it's typical for troughs to reach below average valuations and much higher prospective returns than the 10 % historical norm).

This instance may be different in the near term, but a century of evidence argues that the completion of the market cycle will wipe out the majority of the gains observed in the advancing portion to - date (even without valuations similar to the present, the average, run - of - the - mill bear market decline has erased more than half of the market gains from the preceding bull market advance).

And even if we knew what average valuations will be in the future, our estimate would still contain substantial uncertainty, because valuation is highly cyclical.

The rout that erased $ 2.9 trillion from U.S. equities has pushed valuations in the Standard & Poor's 500 Index 25 percent below the average level from the last nine recessions, even as profit estimates fall.

For me, it's hard to get excited about stocks at these valuations when I can add to my rental portfolio and earn 15 - 20 % cash on cash returns quite easily before accounting for any appreciation and loan paydown... of course you have the headaches of managing tenants and maintenance issues, but even if you pay a 10 % management fee, the numbers are still a lot better than average stock returns.

Given the high stock valuation the company will have to outperform to provide even average stock returns in the long run.

«Even the rather crude assumption that past average earnings will be repeated in the future may be found a more reliable basis of valuation than some other figure plucked out of the air of either optimism or pessimism.»

Starting at today's valuations, it takes about 20 years before a stock market investor can be reasonably confident (80 % +) of achieving a gain (after inflation) even though he uses dollar cost averaging.

«Even with small caps lagging, the valuations in our view are still well above long - term averages,» says Kate Warne, investment strategist at Edward Jones in St. Louis.

The company's cash flow is a better metric to use for profit and valuation, and investors are paying much less for cash flow now (even though it's very likely to rise considerably in the near term) than they've been paying, on average, for the last three years.

From 1962 to 2015, the «true» average excess return — which excludes the impact of valuations on the returns of stocks and adjusts for the return impact of interest rate movements on bonds — fell from 2.8 % to 0.8 % on a rolling 15 - year basis.10 The corresponding 15 - year win rate was halved from 82 % to 43 %, odds not even as good as a coin toss!

Even applying a reasonably generous valuation on the business, to reflect the assumption that ICON will bounce back to its LT average margin, it's obvious that the market has opted for a rosier scenario...

On average, a high quality fixed income manager might attract a 0.67 % -1.0 % of AUM valuation, while an alternative asset manager might command 7.5 % -10 % of AUM (or even higher).

On average, a high quality fixed income manager might attract a 0.67 % -1.0 % of AUM valuation, while a top - class alternative asset manager could command anything from 7.5 % -10 % of AUM, or even higher.

Valuations have come down somewhat with the losses of recent weeks, but even given the volatility, equities are still relatively highly valued compared with historic averages.»

Alas, the obvious challenge for all of us is: i) how to (reliably) find those long - term high - quality / high - growth companies, and ii) then overcome your natural aversion to a valuation that's a large premium or even a multiple of the market average...

I'm also not asking you to estimate what current market valuations might actually be, or the average valuations readers might submit, or even these companies» enterprise / take - out valuations.

Zoopraisal's attempt to replicate a valuation procedure via remote means renders a remote valuation, even if it is only an estimate of area averages.

Even more impactful, the average home valuation was 3.38 percent higher than the same time last year.