Charts & Chat - August 20, 2023
Eric Boyce • August 20, 2023
This week, CEO Eric Boyce, CFA discusses:
1. stock valuations stretched, fueled by earnings expectations, fund flows; stocks less attractive relative to bonds
2. bond rates higher due to increased supply
3. higher real rates may weigh on stocks; TIPS attractive
4. mixed economic data - recent production strong (autos); leading indicators down 15 straight months
5. China - subject to 3 D's - deflation, demographics and high debt - slowdown in front of us...
6. weak housing affordability offset by builder optimism
7. retail sales relatively strong, but set to weaken

By Eric Boyce
•
April 13, 2026
This week, CEO Eric Boyce, CFA discusses: 1. final 4Q GDP revision reflects weaker year-end environment. First quarter estimates are trending down, reflecting pressure from geopolitics 2. personal income trending lower, although credit outstanding remains flat 3. PCE prices are elevated, primarily from goods prices - housing continuing to drop 4. energy market impacts from Iran conflict - disproportionate impact on lower income, Asia energy markets 5. forward looking equity returns look to be more limited, following three years of above average returns - private investments will likely play a greater role going forward 6. still a considerable gap on individuals with retirement plans, even at the higher income levels 7. earnings estimates moving higher, especially for tech firms; accordingly, tech P/E multiples back down to overall index average




