At year-end 2025, consensus expectations were for a continued rally in risk assets. The economy was growing, earnings were beating estimates, and stock markets were making new highs. Investors were optimistic, and equity analyst forecasts for the S&P 500 ranged from 7100 to 8100, predicting another double-digit year. One quarter doesn't make a year, but … Continue reading Q2 2026 Update
Like the saying goes,"beauty is in the eye of the beholder." It turns out the same can be said about stock market valuation. In December, I wrote the U.S. equity market eclipsed an all-time-high in terms of market cap to GDP. Yet, other measures look different. For example, the venerable Shiller P/E Ratio shows the … Continue reading Eye of the Beholder
BCM's latest Investor Letter is available at bellwethercm.com/insights.
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