Twenty AI-related stocks have driven most of the Russell 1000’s $32 trillion three-year gain despite little free cash flow growth behind them.  We also look at the risk rising interest rates pose to elevated equity multiples and company fundamentals. VIEW/DOWNLOAD

We look at the extreme recent outperformance in momentum stocks and the resulting disparities in valuations between certain perceived beneficiaries of artificial intelligence and a growing set of very attractive valuations of high quality companies outside of that space. VIEW/DOWNLOAD

We examine the mechanics of our cash-flow valuation approach, the source of returns for long-term investors, and how systematic rebalancing improves portfolio fundamentals, the ultimate driver of returns. VIEW/DOWNLOAD

We look at the significant recent contribution to equity returns coming from valuation expansion in a historical context and what it might mean for forward returns. VIEW/DOWNLOAD