Charts & Chat - August 6, 2023
Eric Boyce • August 7, 2023
This week, CEO Eric Boyce, CFA discusses:
1. high frequency data positive, for the most part, although retail sales trails prior years
2. labor market still tight, but cracks are evident (hours worked, wage growth)
3. Retail stock investors exuberant, chasing returns
4. Better relative value in bond market - large stocks overvalued, but small caps have better value
5. gold may have short term correction with stronger equity market and lower perceived volatility
6. Economic data mixed (higher bankruptcies, manufacturing contraction, service sector still positive)

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




