<\/p>\n
![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Stocks-Rally-with-Real-Yields-TS-Lombard-08.23-JL-1.png\")
Data as of August 2023<\/p>\n
<\/p>\n
Dave:<\/strong> and it\u2019s setting up a particularly extreme divergence in valuations of large, high-growth stocks<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n John Luke:<\/strong> on top of that, term premiums in Treasuries are now reaching levels that have coincided with resistance for equity rallies<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> 2023 equity inflows have been relatively muted given the large first-half rally<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> yet the go-to ETF for long-duration Treasury bonds has seen significant inflows throughout its bear market<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n Dave:<\/strong> That bear market in bonds has been easily the longest of the \u201cAgg Bond\u201d era going back to the mid-1970s<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> the good news there is that bonds purchased today have significantly lower risk of price depreciation overcoming coupons<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> and MAYBE the history of hiking cycles ending could remove the rate headwind faced by bondholders<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> Credit card delinquencies are rising a bit, but only from very low levels to average levels<\/em><\/p>\n <\/p>\n <\/p>\n Beckham:<\/strong> partly due to the good fortune of acquiring mortgages pre-2022<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> buy also being more savvy in moving money from where it\u2019s treated poorly (bank sweep) to where it\u2019s treated better (money markets)<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> Stagnant home prices may foreshadow falling rents in the months ahead<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> but GDP forecasts are rising<\/em><\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong>John Luke:<\/strong> and goods prices look ready to reclaim their spot as a drive of inflation<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> The world outside of a handful of megacap tech stocks carries much fairer valuations<\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/strong> but it\u2019s important to remember that over the long haul, better companies and economies generally receive higher valuations<\/em><\/p>\n <\/p>\n <\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n \u00a0<\/strong><\/p>\n <\/p>\n Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed.<\/em>\u00a0<\/em><\/p>\n Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially.<\/em><\/p>\n This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible.<\/em><\/p>\n Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm\u2019s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2308-21.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence: John Luke: It\u2019s unusual for stocks to rally when real yields are screaming higher Data as of August 2023 Dave: and it\u2019s […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","inline_featured_image":false,"footnotes":""},"categories":[20,194],"tags":[483,84,376,273,347,185,83,168,153,245,178],"class_list":["post-234371","post","type-post","status-publish","format-standard","hentry","category-blog","category-charts","tag-bearmarket","tag-bonds","tag-debt","tag-equity","tag-gdp","tag-housing","tag-inflation","tag-stocks","tag-treasury","tag-valuations","tag-yields"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/PE-vs.-Real-Yields-Strategas-08.22-Dave.png\")
Source: Strategas as of 08.22.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Term-Premium-Strategas-08.23-JL.png\")
Source: Strategas as of 08.23.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Average-Inflows-Strategas-08.21-Dave.png\")
Source: Strategas as of 08.21.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/TLT-Shares-Out-GS-08.23-Dave.png\")
Source: Goldman Sachs<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Long-Bond-Drawdown-Strategas-08.23-Dave.png\")
Source: Strategas as of 08.23.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Bond-Income-Damage-PGM-08.23-JL.png\")
Data as of August 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Post-Hike-Long-Bonds-Strategas-08.23-Dave.png\")
Source: Strategas as of 08.23.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Credit-Card-Delinquencies-Strategas-08.23-Dave.png\")
Source: Strategas as of 08.23.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Mortgages-Current-and-Past-Bberg-08.21.jpg\")
Source: Bloomberg as of 08.22.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Consumers-Not-Dumb-Bianco-08.21-Dave.png\")
Source: Bianco as of 08.09.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Rents-vs.-Prices-Macrobond-08.21-Dave.png\")
Source: Macrobond as of 08.21.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/GDP-Forecasts-Rising-Bianco-08.21-JL.png\")
Source: Bianco as of 08.18.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Goods-Prices-Re-Accelerating-RJ-08.23-JL.png\")
Source: Raymond James as of 08.23.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/Cheap-outside-of-Megacap-Tech-RJ-08.22-Dave.png\")
Source: Raymond James as of 08.22.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/08\/ROE-and-Valuations-TS-Lombard-August-2023-Joseph.png\")
Source: TS Lombard as of August 2023<\/p>\nDisclosures<\/strong><\/h5>\n