Charts & Chat - August 27, 2023
Eric Boyce • August 29, 2023
This week, CEO Eric Boyce, CFA discusses:
1. historical dividend contribution to total stock market return
2. real yields are headwind for stocks; return still concentrated in the "magnificent 7"
3. manufacturing date relatively strong following weak stretch; investment trends are positive
4. US debt levels, interest expense as percent of spending will become a problem over time
5. housing market feeling the impact of higher rates and lower affordability
6. some stress in credit markets beginning to appear
7. China's secular problem compounding current weakness

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




