Based on intrinsic value being the present (or discounted) value of their future earnings, the rally of 2020 is very sensible. Investors are pricing in the future, not the present.
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Rather than reading the news, ICON uses intrinsic value. From horrible to mediocre to good, we believe value tells us what expectations are built into stock prices.
Driven largely by the lack of real interest rates, bond investors are faced with a “Perfect Storm,” resulting in historically low interest rates with real interest rates explaining the largest part of the problem. This paper will discuss this environment.
ICON Advisers is a boutique firm based in Greenwood Village, Colorado, and since its inception, ICON has employed a unique and disciplined investment approach to the way we manage assets.
Over the last nine calendar years, the Information Technology and Consumer Discretionary sectors have led the MSCI All Country World Index by nearly 70% cumulatively. In addition these sectors have been in the top three annual best-performing sectors two-thirds of those years…