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.
A Fed rate hike, stretched valuations, and political uncertainty didn't stop optimism about reform and growth from sending stocks higher.
Despite record amounts of capital overhang and demonstrated interest for the asset class, valuations and heightened competition continue to constrain deal flow.
After two consecutive years of record consolidation, merger and acquisition activity slows amid political upheaval.
The ongoing migration to cloud computing is having ramifications for dozens of stocks across our coverage.
Coming off a record fundraising year, total VC invested remains strong despite completed transaction counts trending lower.
Current spreads suggest utilities could still produce attractive returns even if the Fed continues to raise rates.
Continued tension in Washington, along with the potential inability to pass tax reform, could make for a rocky rest of the year.
U.S. job creation could become more of a concern later on, but we still see some bargains across our global industrials coverage.
AT&T and Verizon still own industry economics, but T-Mobile is now dictating the rules.
OPEC output cut extensions don't appear to be enough to balance the oil market.
Although growth has been hard to come by, we think worries related to heightened competitive intensity are creating pockets of value.
The consumer cyclical sector looks fairly valued, as restaurants and travel-related stocks help offset the carnage in retail following Amazon's bid to acquire Whole Foods.
Tax reform may still happen even as banking deregulation in the U.S. faces more hurdles.
Bolstered by unsustainable, debt-fueled Chinese construction spending, much of the sector is overvalued.
Credit spreads remain tight as volatility declines to near-record lows.