Charts & Chat - November 16, 2025

This week, CEO Eric Boyce, CFA discusses:

1. small business and corporate sentiment appears favorable; capital spending trends and expected pricing power looking better

2. some stress in the credit markets, especially student loans; bankruptcies higher

3. evidence of K-shaped economy - healthcare premiums, groceries, lower wage growth

4. global and US valuations are indeed stretched, although this is not your father's S&P 500 - concentration of technology makes some historical comparisons difficult. Most consecutive days of the S&P 500 trading above its 50 day moving average since 2008

5. stocks fueled by liquidity, better than expected earnings performance and higher sustained profit margins

6. volatility still relatively low, but risk of increased volatility is prevalent

7. growth stocks outperforming value, large outperforming small; international returns expected be higher than US looking out 10 years, per Goldman