Trader’s Narrative

Jeremy Grantham’s first quarterly letter of the year arrived and with it the usual pithy insights we’ve come to expect. Grantham starts off by sharing his opinion on the two most recent important events on the political front: the Volcker rule proposed a few days ago by Obama and the Supreme Court decision on campaign […]

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This is a guest post by Nico Isaac:
In the realm of market psychology, there’s a big difference between optimism […]

We recently looked at a valuation methodology from Ford Equity Research which suggested that right now, the stock market is approximately fairly valued.
Since the most recent components of Tobin’s ratio (also known as Tobin’s Q) have been released by the Federal Reserve, I thought we would check in on the updated chart for it:

If you’re […]

Below is an interesting chart courtesy of Ford Equity Research. It is a comparison of their PVA ratio and the Ford Universe Price Index:
Ford’s price to value ratio (PVA) is computed by dividing the price of a company’s stock by the value derived from a proprietary intrinsic value model. A PVA greater than 1.00 indicates […]

Welcome to 2010! No one knows what is in store for this shiny new year. The only thing I’m sure of is that, in a decade, we’ll look back with 2020 hindsight.
Or maybe there is a way to skew the fortunes in our favor. According to Wall Street lore, “As goes January, so goes the […]