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There is disagreement on value regarding the overall stock market. ICON thinks stocks, in general, are underpriced relative to their intrinsic value but many analysts are stating stocks are expensive. We presume analysts who think stocks are expensive are basing their views on the broad market P/E. Who’s right, and why the disagreement?
At ICON, we invest according to our valuation system and don’t rely on emotions. We also believe that the market leads the economy. Therefore, if one sees low bullish readings of AAII sentiment as contrarian, the current market could actually be a historic buying opportunity.
The SBI Portfolios buy and hold the best strategies and the most strategy consistent managers in those strategies according to our system. In using this process we’ve observed that the effectiveness of each strategy may vary through changing economic and financial market conditions. One such example during this most recent market volatility is ICON’s SBI Global Moderate Portfolio
It seems timely to recall a metaphor described by Benjamin Graham, the ultimate value investor. In reference to the stock market, he wrote of “Mr. Market.”
Our U.S. Income portfolio seems to be handling this market downturn very well. The U.S. Income portfolio’s combination of bonds, utilities & dividend oriented equities is very important to us, the secret sauce if you will.
There are two popular views regarding the economy and monetary policy. One is that the U.S. economy is on the edge of tipping into recession. The second is that with interest rates so low, the Federal Reserve (FED) does not have the ability to stimulate the economy.