Central Markets by Robert Lloyd, CFA

The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the  information cannot be guaranteed. All opinions and outlooks are subject to change.

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Getting Nervous, Yet?

The S&P 500 is up 15%/yr for the last ten years and up 18.5%/yr over the last three. Is this normal? A recent survey indicates individual investors expect 17.5% equity appreciate in excess of inflation next year.


Just for fun, I've attached some valuation slides.




Here is the Natixis report on investor expectations https://www.im.natixis.com/us/resources/2021-natixis-global-survey-of-individual-investors-executive-overview. My own view is that investor expectations are completely unrealistic and that the Fed and other central banks are supporting extraordinary market conditions. The risk is that inflation and higher rates change the game. Too early to tell at this point.


Robert Lloyd, CFA®

Chief Investment Officer

Lloyds Intrepid Wealth Management

Lloyds Intrepid LLC is doing business as Lloyds Intrepid Wealth Management. Lloyds Intrepid LLC offers investment advisory services in the State of Texas where registered and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. Lloyds Intrepid LLC and its advisers do not provide legal, tax or accounting advice. Lloyds Intrepid LLC formulates retirement plans, investment strategies, portfolio construction and investment due diligence for clients with signed investment advisory agreements with us. The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. All opinions and outlooks are subject to change.


© 2021 Lloyds Intrepid LLC

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