Mast Report Month 12/30/22
Current Stock ERP 2.53% Near Channel Estimate/Below 3.35% Historical Mean...Treasuries and IG Bonds Compete With Stocks’ Expected-Returns 1-5 Years Out...
Mast Report Week 12/23/22
When are financial asset prices attractive? What measures attractive stock and fixed income prices and yields?
Mast Report Week 12/16/22
Equity risk premium (ERP) at 90% high channel position...30-year Treasury bond price 110% high channel...
Mast Report Week 12/09/22
30-year Treasury bond price is high, 114%, in its channel....S&P 500 Index price is high, 82.1% in its channel...
Mast Report Week 12/02/22
S&P 500 Index and Long Treasury Bond prices above channel tops...Long Treasury and TIPS yields below channel bottoms...Both unattractive...
Mast Report Month 11/30/22
Treasuries expected return (ER) better than riskier financial assets with below-average spreads and premiums....Investment grade bonds w/intermediate duration near average yields and spreads and attractive Min-Max percentile...
Mast Report Week 11/25/22
Stocks +8.49% over fair value and 99.1% high in channel....long-Treasury bond price +5.98% fair value and 94.8% high in channel...
Mast Report Month 10/31/22
2.43% ERP (equity risk premium) near 52-week low (2.38%) and channel bottom (2.7%)...S&P 500 year ahead forecast return -2.86%....One year Treasury note yield 4.54%...
Mast Report Month 09/30/22
High channels 97% for ERR (4.40%) and 117% for long TIPS yield (1.71%)...low channel 15% for ERP (2.69%)...
Mast Report Month 08/31/22
Year-to-date price changes: S&P 500 Index -17.02% and long Treasury bond -26.07%...Trailing operating earnings +16% over normalized, down from +25% 12/31/22...
Mast Report Special 05/20/22
Growth and value stock relative price performance is explained in recent periods by change in the real risk-free long-Treasury TIPS yield change...