Published January 23, 2026
Over the past couple of years, the gold trade has been, well, absolutely golden. One reason for the meteoric rise of the precious metal has been a shift in attitude toward U.S. Treasury bonds. (more…)
Bitcoin
Election Year Performance
Published January 26, 2024
Below we offer a couple of recent summary reports from Delta Research. We hope you find them of interest.
“The S&P 500 returned 26% in 2023 and ended the year just short of the all-time high of 4796. Components of the 2023 return included +6.32% from better earnings, +17.91% from expansion in forward P/E multiple to ~20x, and +2.06% from dividends. Since 1950, the S&P 500 Index is positive the following year 80% of the time. In the presidential election years dating back to 1960, the S&P 500 index has been positive 81% of the time (13 out of 16 years). (more…)
How Do We Value the Stock Market?
Published October 15, 2021
There is always plenty of talk about whether the stock market is ‘fairly’ valued, expensive, or cheap. It is a question without an answer; there are only opinions. Because in the marketplace, the price is determined solely by what investors are willing to pay. (more…)
A Roaring Bull Market in the Riskiest of Asset Classes
Published February 12, 2021
It is no secret that money is chasing stocks, creating what some are calling ‘bubbles’ of valuation here and there (if not in the market overall). We talked last week about how valuation doesn’t really matter, supply and demand does. Right now, investors see no reason to hold back on the demand piece. We find no better example of this behavior than the massive (and sharply quick) run-up in shares of the most risky of companies, broadly speaking. That would be the smallest companies in the market – the microcaps. (more…)