The Manley Market Memo

The Manley Market Memo

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Investors are ebullient that the Fed has orchestrated a soft landing, yet corporate profits have declined for three consecutive quarters, and the…
Jul 17, 2023 • 
J. Lawrence Manley, CFA
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We are in a high risk period and stocks offer a poor risk-reward -- especially relative to a 5.5% risk-free rate.
Oct 17, 2023 • 
J. Lawrence Manley, CFA
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Wall Street believes the Fed will engineer a "soft landing." Is it probable?
Jan 27, 2023 • 
J. Lawrence Manley, CFA
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The Manley Macro Memo
Are six interest rate cuts and 13% earnngs growth realistic?
Jan 31, 2024 • 
J. Lawrence Manley, CFA
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The S&P 500 rallied 17% higher over the past 8-weeks due to favorable seasonality and positive fund flows. We expect the bear market to resume when the…
Dec 23, 2022 • 
J. Lawrence Manley, CFA
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Should Investors Sell in May and Go Away? We believe the economy is on the verge of recession, and the next leg of the Bear Market is imminent.
Apr 25, 2023 • 
J. Lawrence Manley, CFA
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Stocks have a poor risk-reward and offer a historically low equity risk premium. A 4.9% risk-free rate is great.
Mar 10, 2023 • 
J. Lawrence Manley, CFA
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The First Leg of the Bear Market is Over. What Happens Next?
Jun 24, 2022 • 
J. Lawrence Manley, CFA
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The Bear Market Rally is Over. Stocks are Poised for the Next Leg of the Bear Market
Aug 28, 2022 • 
J. Lawrence Manley, CFA
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We believe that the risk of a significant market decline is high because of the Fed's monetary mistake, market structure issues, a potential energy…
Feb 22, 2022 • 
J. Lawrence Manley, CFA
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The Fed's mistakes created the worst year for balanced investors since the Great Depression. Is the worst over?
Oct 31, 2022 • 
J. Lawrence Manley, CFA
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The S&P 500 is priced for perfection despite potential short-term risks from transitioning to a private sector-driven economy, uncertain tariffs and…
Jan 27 • 
J. Lawrence Manley, CFA
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