Putnam Perspectives

Explore research driven analysis of evolving market themes.


Value benefits from an expanding economy

Value benefits from an expanding economy

July 14, 2017

Value stocks have lagged the market in 2017, but if the economy continues to expand, rates rise, and the yield curve steepens, this trend could reverse.

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Spotting unexpected turns in the growth and value cycle

Spotting unexpected turns in the growth and value cycle

While a diversified portfolio should include both growth and value, today’s valuations and economy point to a value cycle.

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Why investor pessimism may be a good sign

Why investor pessimism may be a good sign

Investor pessimism has historically proven to be reasonably effective as a contrarian investment signal, and market sentiment has plunged again this year.

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What two of the best recession signals say today

What two of the best recession signals say today

Two indicators can give the quickest read on whether a recession may be near.

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Why Brazil's crisis creates new concerns

Why Brazil's crisis creates new concerns

The revelations of May 17 may pose a threat to President Temer's administration, and therefore a threat to Brazil's short- and medium-term economic outlook.

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Crisis abated, it’s time to dust off the old playbook

Crisis abated, it’s time to dust off the old playbook

Today's pro-cyclical, rising rate environment has a playbook with historical precedent.

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Why rates matter to stocks, too

Why rates matter to stocks, too

Risk factor analysis shows that equity market sectors that act like “bond proxies” may be more sensitive to changes in interest rates than bonds themselves.

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What higher rates mean for income strategies

What higher rates mean for income strategies

What do higher rates mean after almost a decade of near-zero rates? It's time to reconsider risk in fixed-income portfolios.

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Can Trump follow Reagan's playbook?

Can Trump follow Reagan's playbook?

Trump administration fiscal policy is expected to be similar to Ronald Reagan's measures, but economic conditions today are much different than in 1981.

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Six facts about Dow 20,000

Six facts about Dow 20,000

The 20,000 milestone reached by the Dow Jones Industrial Average (DJIA) garnered major media attention, but that’s due more to the fame of the index.

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Does the market rally really depend on Trump?

Does the market rally really depend on Trump?

The bullish case for stocks assumes that the Trump tax reforms and spending increases will be implemented, but Washington can be unpredictable.

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Taking the temperature of the January effect

Taking the temperature of the January effect

Is the so-called January Effect a real opportunity for investors, or is it too well-known to be exploited? We offer a number of perspectives.

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See the dove in the Fed's dot plot

See the dove in the Fed's dot plot

The market sees a more hawkish Fed in the December 2016 rate hike, but we see see signs of a dove in the Fed's dot plot.

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Watch the euro as Italy votes

Watch the euro as Italy votes

We are watching the referendum in Italy this weekend for yet another existential crisis for the euro.

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Diversifying stable value with traditional GICs

Diversifying stable value with traditional GICs

Stable value portfolios that avoid traditional GICs may be missing a diversification opportunity that also offers liquidity.

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Negative interest rates explained

Negative interest rates explained

Today's unorthodox central bank policies have made negative interest rates more normal, with potential consequences for government bonds and the banking sector.

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Proceeding toward Brexit: The risks for investors

Proceeding toward Brexit: The risks for investors

With the United Kingdom beginning to move foward with Brexit, we see risks to the economy, the pound, and the markets.

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Buyer beware: Defensive sectors may be overvalued

Buyer beware: Defensive sectors may be overvalued

Seven years into this bull market, defensive sectors have leading performance, and may be signaling more attractive opportunities elsewhere.

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Italy's bank troubles challenge EU

Italy's bank troubles challenge EU

Troubled banks in Italy pose a new challenge to the EU, one that has been compounded by the U.K.'s vote in favor of Brexit.

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Can government reform brighten EM growth outlook?

Can government reform brighten EM growth outlook?

Our research has identified both near- and long-term investment opportunities in EM countries that may benefit from a combination of policy reform, policy independence, and insulation from falling commodity prices.

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The bright side of investor pessimism

The bright side of investor pessimism

A widely followed measure of investor sentiment is showing historically low levels of bullishness. This pessimism could be good news for equities.

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Why Brexit would spell trouble for the United Kingdom

Why Brexit would spell trouble for the United Kingdom

Several risks exist for U.K. stocks and European markets if what is known as Brexit wins approval from British voters.

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The views and opinions expressed are those of the speaker, are subject to change with market conditions, and are not meant as investment advice.