Stocks are priced for an unrealistic perfection

US stocks are looking through this year’s earnings collapse in the expectation that 2021 is a more realistic picture of underlying economic activity. We agree, but we expect 2021 earnings will be well below consensus expectations. The COVID-19 crisis will not turn into a benign market environment next year.

And while many investors have bought risk with abandon after the Fed spread a QE-safety-net across most US assets, we see the logical end-point of Fed policy as a long-run sell signal as misallocation of capital means potential growth will decline and with it expected returns.

VIDEO

Video

View our summary videos on fast trending topics. To listen to a recording of our Conference Calls, please get in touch with zdl@tslombard.com

READ MORE
TRACK RECORD

Track Record

We have a 30 year track record of successful calls. Many of these calls combined economic, political and market analysis.

READ MORE
PRESS

Press

To request an interview with a member of our team, please get in touch zdl@tslombard.com .

READ MORE

Menu

Client Login


Don't have an account? CREATE YOUR ACCOUNT
TRIAL