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Earnings-expectations-for-U.S.-stocks-are-simply-too-optimistic
Perspectives

Earnings expectations for U.S. stocks are simply too optimistic

The S&P 500 index has risen 16% this year driven by 7 mega-caps stocks which are up 60%. The index is up 21% from its October lows and now trades on a P/E of 22x, which compares with a P/E ratio of 31x for the top 7mega-caps in the index.

The great disappearing act
Perspectives

The Great Disappearing Act: Small and mid-cap stocks in sell side analysis

On the 19th October 2023, Perpetua Investment Managers Deputy Chief Investment Officer, Lonwabo Maqubela, participated and presented at the Investor Relations Society Of South Africa’s Annual Conference, hosted at the Johannesburg Stock Exchange “JSE”. One of the topics that was of interest was the decline of sell side research, impacting particularly small and mid-caps. This is best evidenced by the chart below.

the system needs to evolve, not the women
Perspectives

The system needs to evolve, not the women

The irony is that the women who do take up the “power seats” are arguably more determined, more committed, more alert to threats and vulnerabilities and more deeply thoughtful about their right and responsibility to succeed.

Perspectives

Perpetua Perspectives Winter Edition 2020

It’s hard to believe that we’re already well into the second half of what has been an extremely eventful year. Perhaps it’s a good time to take stock and reflect on what’s taken place in 2020 thus far.

Perspectives

Perpetua Perspectives Summer Edition 2021

Despite the effects of one of the most challenging economic and financial years in history, Q4 2020 proved that there is indeed light at end of the tunnel.

Perspectives

Perpetua Perspectives Spring Edition 2020

After a remarkable recovery in the second quarter, global markets rose a further 8.1% in the 3 months to the end of September, as measured by the MSCI All Country World Index. The local JSE All Share Index was relatively flat but the much-maligned small cap sector gained 3.5% while mid-caps also outperformed perhaps pointing to a recovery in deeply discounted value opportunities.

Perspectives

Perpetua Perspectives Spring Edition 2019

The third quarter remained a challenging environment in South Africa. In markets, domestic equities continued to deliver poor returns. This is reflective of the poor state of our local economy and investors running out of patience.

Perspectives

Perpetua Perspectives Summer Edition 2022

A few weeks ago, not many of us would have anticipated the dramatic escalation of the conflict taking place in Ukraine as Russian military forces began an invasion in late February, sparking humanitarian and economic devastation in the country which is a former Soviet republic.

Perspectives

Perpetua Perspectives Summer Edition 2022

 Perpetua Perspectives Summer Edition 2022 By Perpetua Investment Managers A few weeks ago, not many of us would have anticipated the dramatic escalation of the conflict taking

Perspectives

Perpetua Perspectives Spring Edition 2021

Who can grasp that the end of the 2021 is here? Christmas promotions are on display. Year-end functions are in the works and the long-awaited December leave is being planned.

Perspectives

Perpetua Perspectives Spring Edition 2021

Who can grasp that the end of the 2021 is here? Christmas promotions are on display. Year-end functions are in the works and the long-awaited December leave is being planned

Perspectives

Perpetua Perspectives Winter Edition 2021

Who can believe that we have reached the half way mark of 2021? Time really flies when you’re in the midst of a global pandemic; shifting to different lockdown levels; bracing for the COVID-19 third wave and trying to manage vaccinations, preventing infections and managing expectations.