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2016 Third Quarter Commentary

For printable version which includes all graphs and tables, please click here.​​​​ FRM Research Process – From Soup to Nuts As we have stated since the end of 2012, the fundamentals of most companies have not kept pace with the valuations the market is placing on those fundamentals. Accordingly, bargains in the investment universe have been hard to come by, which has led to more of a sellers’ market than a buyers’ market for stocks. For example, the third quarter of 2016 will likely produce the sixth consecutive quarter where earnings for the S&P 500 Index have declined year over year. Meanwhile, the stock market has been broadly rising during this period. This is the definition of valuation

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