Michael Wursthorn
speaker
1,567 appearances
29 recordings
1 series
first heard Jul 2017
last heard Nov 2021
Michael Wursthorn’s voice in public audio — every appearance, attributed to the second.
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Appearances
So now that we're into the second quarter,
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We're fully through that second quarter earnings period.
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24% year-over-year growth in profits, phenomenal for the S&P 500.
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A lot of investors are really happy.
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Valuations now look better than they have since mid-2017 at this point.
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That's where we've seen not a lot of attention in the stock market much of this year.
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Financials had been doing well soon after Donald Trump's election.
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But after that, they've sort of really petered out this year as we think about how inflation and interest rates are going to affect all those things.
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So you've seen the valuation compression that I was just mentioning earlier.
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really happened within the financial space, within healthcare.
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If you look at financials compared to most other S&P 500 sectors, the other 10 financials is by far one of the cheapest, especially compared to some of the pricier corners of the market that are trading multiples well above the S&P 500.
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And that's where you've seen this discussion happen in the marketplace as to whether or not tech stocks are this defensive asset.
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Similar to the way an investor looks at gold or utilities or real estate, their investors have just become very accustomed whenever there's any sort of financial
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Yeah, absolutely.
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In July was sort of the first period we really saw in these companies' financial results, specifically, say, Facebook, for instance, some of the early impact of data privacy law changes.
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Facebook, for instance, their user growth in Europe and revenue overseas was not as good as it needed to be.
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And a lot of that was because they were getting a sense of how
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this changing regulatory environment is actually going to affect their operations.
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So you've seen investors then look at the whole sector and say, if I can't really price the kind of certainty I used to be able to price into shares of Facebook, rising 40%, 50% in terms of profit growth every quarter, well, then I got to take a step back.
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So you've seen this greater scrutiny then get applied to the entire tech sector, where investors are really rethinking these really strong valuations throughout the whole space.
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Showing 1061–1080 of 1,567 · page 54 of 79
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