Chart of the Week

By John Del Vecchio The National Association of Active Investment Managers (NAAIM) conducts a survey of its members and reports the average U.S. equity exposure among the group. This survey has been a great contrary indicator in the past. Collectively, professional managers are terrible allocators. Individual investors are too. As a group, they tend to…

If you’re afraid of heights, then don’t look down. The current median price / sales ratio on large cap stocks will make your palms sweaty and your mouth dry. At 2.5x revenue we are at incredibly high levels. Back when the crisis was ending in the first quarter of 2009 and many people had unloaded…