Pay Day Indicator
The Pay Day Indicator is our back-of-the-envelope guide to the investment climate. We simply add the yield on blue-chip stocks to the three-month T-bill yield and divide by two. The higher the result, the better. Today our Pay Day Indicator is at a more than 50-year low. When investors aren’t being compensated well to invest in blue-chip stocks and risk-free T-bills, we believe a cautious approach is warranted.
FEATURED TRENDS
Following is a description of trends and themes that are of current interest to us.
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