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Perspectives

February 2021

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Are we in a market bubble or just a massive expansion fueled by government stimulus?

by Fortem Financial February 22, 2021

Ever since the stock market bottomed in 2009 during the financial crisis, people have been coming up with reasons why the bull market was about to end. We heard every reason – Brexit, the end of Quantitative Easing, too much debt, COVID, etc. – and while we understood each may be a cause for consternation, we focused on valuations, which suggested the bull market would continue. Over time, math wins. After the recovery in stocks from the 2020 lockdowns (and especially the latest surge in eq… View More

Fundamentals are strong enough for the markets to keep advancing

by Fortem Financial February 16, 2021

Fourth quarter 2020 earnings and revenue growth both surprised with positive results. With more than 75% of companies reporting, earnings growth is expected to be 3.4%. This is a significant increase compared to the -1.03% originally estimated on January 1st and further improvement from last week’s 2.4%. Revenue growth is also expected to be positive at 1.3%, up from -1.4% at the start of the year. In aggregate, companies are reporting earnings that are more than 17% above estimates, outpacin… View More

Executive Orders Help Bring Oil Back to $60/barrell - what does it mean for the economy

by Fortem Financial February 8, 2021

While higher commodity costs could challenge the industrials sector, it could also significantly boost earnings per share (EPS) for the energy sector. From 1995 to 2015, energy contributed approximately 12% to the overall index EPS while over the last 12 months, it has detracted about -7%. A return to profitably for the energy sector may be the key for index EPS to surprise to the upside in 2021 and 2022. By the end of 2021, current estimates are only suggesting a 2% contribution to overall earn… View More

4Q Sales Growth Turns Positive, Earnings Growth Not Far Off Either

by Fortem Financial February 1, 2021

With just less than 40% of S&P 500 companies reporting for the 4Q earnings season, results continue to come in quite strong. Estimated sales growth flipped positive for the overall index, and earnings growth is now estimated to be down only -1.6% led by the Technology and Financial sectors. The energy and industrial sectors continue to be the biggest laggards. Greater than 80% of companies are beating estimates for the 3rd quarter in a row, more than 80% of companies reporting have beaten ea… View More

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We share your non-public personal information for our everyday business purposes such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, report to credit bureaus, to protect the confidentiality or security of your records, or as permitted by law. We may also share your non-public personal information for our own firm’s marketing purposes; so that we can offer our products and services to you.

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We don’t share non-public personal information about your creditworthiness with our affiliates for their everyday business purposes. We don’t share your non-public personal information with our affiliates to market to you. We don’t share your non-public personal information with non-affiliates to market to you. We also don’t share your non-public personal information for joint marketing with other financial companies. State laws and individual companies may give you additional rights to limit sharing.

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To protect your non-public personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our policy about obtaining and disclosing non-public personal information may change from time to time. We will provide you notice of any material change to this policy before we implement the change.

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