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List of Illustrations

Оглавление

1 IntroductionFigure Intro.1 S&P 1500 Index, 12/31/2008–4/30/2010

2 Chapter 1Figure 1.1 Equity Fund Net Flows and S&P 500 Index, 1984–2019Figure 1.2 AAII Bull/Bear Ratio, Four-Week AverageFigure 1.3 Public Funds, Equities as a Percent of AssetsFigure 1.4 Barron's Confidence Index, 12/29/1978–2/21/2020Figure 1.5 Yields: S&P 500 and 10-Year Treasury 1962–2020Figure 1.6 Cumulative Return 2009–2019Figure 1.7 Compounding at 10% and 5%Figure 1.8 S&P 1500 Index 1/30/09–2/19/20

3 Chapter 2Figure 2.1 S&P 500 Annual Returns (1926–2020)Figure 2.2 S&P 1500 Earnings Per Share 2006–2023Figure 2.3 S&P 1500 Index and Fair ValueFigure 2.4 October Crashes of 1987 and 2008Figure 2.5 S&P 500 Index, Crashes of 1987 and 2008 Nine Years Later

4 Chapter 3Figure 3.1 Hypothetical Stock Market and EconomyFigure 3.2 Stock Prices and Employment, 1967–1976Figure 3.3 Stock Prices and Employment, 1999–2019

5 Chapter 4Figure 4.1 Quarter-Over-Quarter GDP, 3/2008–12/2019 DGPFigure 4.2 Quarter-Over-Quarter GDP 3/08–12/19Figure 4.3 China Year-Over-Year GDP, 2008–2019Figure 4.4 Citi Economic Surprise Index

6 Chapter 5Figure 5.1 Twelve-Month Rolling CPI Rate of Change, 1/1970–6/2021Figure 5.2 Capacity UtilizationFigure 5.3 Velocity of M1 (Money Supply), 1929–2021Figure 5.4 Moody's AAA Bond Yield, 1929–2020

7 Chapter 6Figure 6.1 M1 Rolling Fifty-Two-Week Percentage ChangeFigure 6.2 M1 Rolling Fifty-Two-Week Percentage Change, 1/05–2/20Figure 6.3 Year-Over-Year Money Supply Growth, Europe and ChinaFigure 6.4 Bear Markets

8 Chapter 7Figure 7.1 Unemployment Rate, 1982 and 2008 RecessionFigure 7.2 Unemployment Rate, 1982 and 2008 RecessionsFigure 7.3 Personal Consumption and Unemployment, 12/31/07–12/31/12Figure 7.4 Hypothetical Phillips Curve

9 Chapter 9Figure 9.1 S&P 500 Index, 12/31/1989–12/31/1992Figure 9.2 1990 and 1998 Volatility EventsFigure 9.3 S&P 500 Index, 2010 and 2011 Volatility EventsFigure 9.4 S&P 500 Index, 2018 and 1990 Volatility EventsFigure 9.5 Cost of Reducing Volatility

10 Chapter 10Figure 10.1 S&P 500 Index and Forward ReturnsFigure 10.2 S&P 500 Debt/Total AssetsFigure 10.3 S&P 500 Debt/EquityFigure 10.4 Debt/EBITDA

11 Chapter 11Figure 11.1 Ratio of P/E of Small-Cap 600 to Large-Cap 500Figure 11.2 Ratio of P/E, S&P 500 Growth/ValueFigure 11.3 Active Equity Opportunity Index, 1/1998–7/2021

12 Chapter 13Figure 13.1 Short Interest/Float and S&P 1500 Index, 1/2009–2/2020Figure 13.2 Hypothetical Linear Regression, High CorrelationFigure 13.3 Hypothetical Regression, Lower CorrelationFigure 13.4 Slopes and Sensitivity

13 Chapter 14Figure 14.1 S&P 1500 Index 12/24/2018–3/23/2020

14 Chapter 15Figure 15.1 S&P 1500 IndexFigure 15.2 AAII Sentiment, Bulls/Bears 1/2/20–9/10/21Figure 15.3 Money Market Fund Assets 1/2/2019–9/9/2021Figure 15.4 EPS with 10% Growth and Stock Price with P/E = 2Figure 15.5 EPS and Price with a RecessionFigure 15.6 Fifty-Two-Week Rate of Change in M1, 12/28/18–2/12/21Figure 15.7 Economic Surprise and S&P 500 IndexFigure 15.8 Unemployment, 2008 and 2020 RecessionsFigure 15.9 Value and Investor Sentiment

15 Chapter 16Figure 16.1 S&P 1500 Index

Unloved Bull Markets

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