Charts & Chat - November 2, 2025

Eric Boyce • November 3, 2025

This week, CEO Eric Boyce, CFA discusses:

1. the K-shaped sentiment indicator represents the difference between how the higher income populations view the economy versus the lower income levels.

2. inflation sticky, compounding Fed decisions. Future inflation expectations elevated

3. tariff rate ~15%, some increase in small business price increase expectations

4. profit margins expanding for Mag 7; flat to contracting for everyone else in S&P 500

5. increased breadth of market performance relative to 2023/24, but lower versus historical averages

6. delinquencies and defaults are higher, but may have peaked...(?)

7. banking system in good shape from a capital and loss coverage ratio perspective

8. perspectives on the use of alternative investments in a portfolio depending on age and net worth

9. GDP relative to stock prices going back to 1800;

10.gold as a hedge against uncertainty, increased central bank (and China) purchases of gold versus US treasuries




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