Aptus Musings: Banking on Deposits

I hope that y’all have not had PTSD 2.0 of the GFC over the last few days. The KBW Regional Banking Index (KRE) is having its worst week since … October 2008. We had to break out the textbooks on my last musing (ERP), so I’ll do my best to keep this as simple as...

Aptus Musings: Equity Risk Premium (ERP)

I’ve fielded a few questions regarding Mike Wilson’s (of Morgan Stanley) recent market commentary. Outside of corporate profitability, i.e., margins driving down future earnings, one of his biggest takes is on the current valuation of the S&P 500. As of 3/7/23,...

Rearview to Windshield, March 2023

February ‘23 Market Recap: The January rally suddenly looks distant as equities closed lower for the month, finishing down 5.0% from their early February peak. This has been a confluence of technicals, bond yield increases due to uncomfortably strong economic data in...

Aptus Musings: Debt Ceiling Part Deux

I’m going to cut to the chase here – I’ve been reading a lot on the debt crisis here recently, especially after the Congressional Budget Office (“CBO”) released its latest Budget and Economic Outlook last week. This report projects the US fiscal and economic outlook...