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![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Will-Earnings-Grow-Piper-10.23-Dave.png\")
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Dave:<\/strong> but the initial reactions to Q3 earnings have been less-than-inspiring<\/em><\/p>\n <\/p>\n <\/p>\n Beckham:<\/strong> We all know the \u201cmarket of stocks\u201d is falling way short of the S&P this year, and it really kicked in during the March banking crisis<\/em><\/p>\n \u00a0<\/em><\/p>\n \u00a0<\/em><\/p>\n Mark:<\/strong> triggering a historic (double-digit) performance difference between cap-weighted S&P 500 and pretty much any other weighting scheme<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n Brad:<\/strong> and extending the long hibernation of small-cap stocks <\/em><\/p>\n <\/p>\n <\/p>\n Brett:<\/strong> The economy is full of mixed signals, with housing activity well below recent norms<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> but GDP running near its highest rate of the recent past\u00a0 <\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/strong> and while GDP does calculate real data not nominal, it does seem like much of the retail \u201cgrowth\u201d is just rising prices not more units<\/em><\/p>\n <\/p>\n <\/p>\n Joseph:<\/strong> The US government debt load and fiscal condition seems to be becoming an issue for bond market participants<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n John Luke:<\/strong> and while SOMA is the new source to tap for liquidity<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n John Luke:<\/strong> the key point is that the \u201cbond vigilantes\u201d tend to force fiscal discipline when the cost of maintaining debt gets this high<\/em><\/p>\n \u00a0<\/em><\/p>\n <\/p>\n Brad:<\/strong> Despite much higher rates, there is plenty of refinancing taking place especially for smaller companies<\/em><\/p>\n <\/p>\n <\/p>\n Dave:<\/strong> and despite another tough year for bonds, and complete lack of a bounce<\/em><\/p>\n <\/p>\n <\/p>\n Brad:<\/strong> it would be hard to call bonds \u201ccheap\u201d relative to history<\/em><\/p>\n <\/p>\n <\/p>\n John Luke:<\/strong> The outcomes for 60\/40 investors have been significantly different depending on the inflation regime<\/em><\/p>\n <\/p>\n \u00a0<\/em><\/p>\n Brett:<\/strong> but it\u2019s hard to find an argument against \u201cStocks for the Long Run\u201d<\/em><\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/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><\/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-2310-23.<\/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: Dave: Investors are banking on a new period of earnings growth once this earnings trough is completed Dave: but the initial reactions […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","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":[194],"tags":[84,132,347,185,83,553,285,405,457,168],"class_list":["post-234735","post","type-post","status-publish","format-standard","hentry","category-charts","tag-bonds","tag-earnings","tag-gdp","tag-housing","tag-inflation","tag-retailsales","tag-returns","tag-sandp500","tag-smallcap","tag-stocks"],"yoast_head":"\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Earnings-Reactions-Poor-10.25-Dave.png\")
Data as of 10.25.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Median-Stock-Hi-Mount-Research-10.26.jpg\")
Source: Hi Mount Research as of 10.25.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Cap-Weight-vs.-Equal-Weight-Goldman-10.25-Mark.png\")
Source: Goldman Sachs<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Small-Cap-Drought-Russell-via-Sentiment-Trader-10.25.png\")
Data as of 10.25.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Pending-Home-Sales-Daily-Shot-10.26.jpg\")
Data as of 10.25.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Q3-GSP-Hot-Bberg-10.26-Dave.png\")
Data as of 10.24.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Nominal-Sales-vs.-Real-Bianco-10.20-Joseph.png\")
Data as of September 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Debts-and-Deficits-TS-Lombard-10.25-Joseph.png\")
Data as of October 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/SOMA-Driving-Debt-Fidelity-10.24-JL.jpg\")
Source: Fidelity as of 10.22.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Interest-Costs-as-Percent-of-Revs-Strategas-10.24-JL.png\")
Source: Strategas as of 10.23.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Bond-Issuance-Strategas-10.25-Brad.png\")
Data as of October 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/No-Bounce-for-Bonds-Bianco-Oct-2023-Dave.png\")
Data as of October 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Bond-PE-Strategas-10.25-Brad.png\")
Source: Strategas as of 10.23.2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Different-Eras-for-60-40-WSJ-10.25-Joseph.png\")
Data as of September 2023<\/p>\n![\"\"](\"https:\/\/aptuscapitaladvisors.com\/wp-content\/uploads\/2023\/10\/Real-Returns-Ben-Carlson-via-Stocks-for-the-Long-Run-July-2023.png\")
Source: A Wealth of Common Sense<\/p>\nDisclosures<\/strong><\/h5>\n