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Articles by Kurt Feuerman
More US Stocks Are Marching to a Different Beat
Something unusual is happening in the US equity market. AI infrastructure winners continue to power market gains, yet more stocks are moving against the S&P 500. That doesn’t necessarily signal widespread fundamental weakness, though it may reflect AI-driven market imbalances creating opportunity beyond today’s leaders. See more: How Many Stocks Should Your Portfolio Hold? In any year, markets have leaders and laggards.
Funding as the New AI Bottleneck: What Alphabet’s Move Reveals
In the first phase of the generative AI boom, the winning strategy was straightforward: own the physical bottleneck. Alphabet’s plan announced this week to raise $80 billion suggests that the next phase may hinge on something else—the ability to finance AI capacity at scale without undermining returns. Physical scarcity has defined the AI era so far. Companies scrambled to secure GPUs, advanced packaging, memory and data-center shells.
Finally Coming Into View? ‘Old-Economy’ Stocks Show Their Colors
The artificial intelligence (AI) trade that has dominated equity markets in recent years is showing signs of fragility. As investors reexamine the scale of the AI infrastructure build-out and optimistic assumptions around AI adoption, a group of “old-economy” sectors is quietly reasserting itself. While the effect of the Iran war has taken center stage in markets for now, the trajectory of high-profile technology stocks will likely remain a prominent long-term theme for equity investors over time.
Tres maneras de evitar el ojo del huracán en renta variable
TRIBUNA de Kurt Feuerman, CIO, Select US Equity Portfolios, AB. COmentario patrocinado por AllianceBernstein. Este es un artículo exclusivo para los usuarios registrados de FundsPeople. Si ya estás registrado, accede desde el botón Login. Si aún no tienes cuenta, te invitamos a registrarte y disfrutar de todo el universo que ofrece FundsPeople.
Tres maneras de evitar el ojo del huracán en renta variable
Con flexibilidad, humildad y procesos disciplinados, los inversores en renta variable pueden mantener el rumbo. La fuerte tensión en los mercados puede dañar la confianza en un plan de inversión estratégico. No obstante, si nos basamos en las experiencias pasadas, podemos aplicar principios de inversión acreditados para afrontar nuevos retos. Los gestores de inversiones veteranos han sido testigos de grandes crisis del mercado en lo que llevamos de siglo.
Three Ways to Avoid the Eye of the Equity Market Storm
by Kurt Feuerman, Chief Investment OfficerâSelect US Equity Portfolios, AllianceBernstein With flexibility, humility and disciplined processes, equity investors can find a way forward. Severe market stress can undermine confidence in a strategic investing plan. Yet by drawing on historical experience, we can apply trusted investing principles to new challenges. Veteran portfolio managers have seen big market crises in the 21st century.
Three Ways to Avoid the Eye of the Equity Market Storm
Severe market stress can undermine confidence in a strategic investing plan. Yet by drawing on historical experience, we can apply trusted investing principles to new challenges. Veteran portfolio managers have seen big market crises in the 21st century. After the dot-com bubble burst in 2000, the global financial system flirted with disaster in 2008 and 2009. A few years later, Europe’s debt crisis shook global markets. Then, in 2020, a pandemic shut down the world economy.
¿Se han alineado por fin las estrellas para los valores financieros estadounidenses?
Las tendencias del mercado y del sector brillan con luz propia en los valores financieros estadounidenses, cuya suerte podría estar cambiando a mejor en diversas subindustrias. Qué diferencia hace un año. Tras una serie de quiebras bancarias a principios de 2023, los valores financieros vuelven a dar señales de vida. Si el dominio del sector tecnológico da paso a rendimientos más amplios en todo el mercado, creemos que los valores financieros podrían estar preparados para una revalorización.
Are the Stars Finally Aligned for US Financial Stocks?
Written by: Kurt Feuerman and Anthony Nappo, CFA What a difference a year makes. After a series of banking failures in early 2023, financial stocks are showing signs of life again. If the technology sector’s dominance gives way to broader returns across the market, we think financials could be poised for a rerating. In April 2023, the US financial sector was reeling from a banking crisis, triggered by the failure of Silicon Valley Bank and several regional lenders.
Are the Stars Finally Aligned for US Financial Stocks?
Market and industry trends are shining on US financial stocks, whose fortunes might be changing for the better across diverse sub-industries. What a difference a year makes. After a series of banking failures in early 2023, financial stocks are showing signs of life again. If the technology sector’s dominance gives way to broader returns across the market, we think financials could be poised for a rerating.
Finding Balance in US Equities as Macro Threats Mount
In a market burdened by uncertainties, a flexible approach can help equity investors strike the right balance between short-term risks and long-term opportunities. Stubborn inflation, high interest rates and recession fears have persisted through 2023, but you wouldn’t know it from looking at the US stock market through the lens of the S&P 500 for much of this year. The broader market, however, tells another story.
We Need More Strong Banks. Let Wells Fargo Grow.
About the author: Kurt Feuerman is chief investment officer, select equity, at Alliance Bernstein. The views in this commentary are his personal views, and do not reflect Alliance Bernstein's firmwide view. Alliance Bernstein holds Wells Fargo stock on behalf of its clients. When First Republic Bank failed, regulators made a quick decision to allow JPMorgan Chase to acquire the regional lender's assets.
Evolving Thoughts On ESG: The Case For Energy And Defense Stocks
NicoElNino/iStock via Getty Images By Kurt Feuerman & Anthony Nappo, CFA Investor sentiment toward energy and defense stocks is changing amid Russia's invasion of Ukraine. As attitudes shift on ESG issues, investors should look for responsible companies that can contribute to the West's quest for energy independence and military deterrence. Russia's invasion of Ukraine will have lasting implications for investors in many areas.
U.S. Banks Look Better Than Fed Stress Tests Suggest
By Kurt Feuerman The Fed's recent stress tests triggered sharp declines in US bank stocks amid concern over new capital buffer requirements. But bank fundamentals haven't changed much, and earnings may be more resilient than expected in the face of a terrible economy. Results As Expected - With A Twist US banks are under the microscope as the COVID-19 recession challenges the financial sector.
U.S. Equity Valuations Rebooted By Coronavirus
By Kurt Feuerman After the recent sharp declines, US stock valuations look more attractive, especially compared with bonds. While the current volatility is unsettling, heightened uncertainty over earnings because of the coronavirus crisis could create opportunities for long-term investors who distinguish between winners and losers from the shock. US equities were trading at nearly a 17% premium to their 20-year average before the recent correction.
4 Signals That Could Point To A Bigger Value Rebound
By Kurt Feuerman, Robert Milano US value stocks staged a strong recovery in September after an extended period of underperformance. While value slipped again in early October, we're monitoring four signals that might indicate whether we're on the cusp of a bigger value rebound. Since 2017, US growth stocks relentlessly powered ahead of value stocks.
U.S. Equities: Could 2018 Pain Become 2019 Gain?
By James T. Tierney, Jr., Frank Caruso and Kurt Feuerman With US stocks facing multiple risks, it's easy to lose sight of the positive trends that could help the market recover. In 2019, investors should search for select stocks with the right attributes to produce positive surprises in a potentially tricky market environment. When 2018 began, investors were upbeat for good reason: GDP growth was expected to be the strongest since 2005. Corporate earnings were projected to grow by at least 20%.
Should Equity Investors Lose Sleep Over The Yield Curve?
A single line chart is keeping an awful lot of investors up at night: the US Treasury yield curve. It's been flattening steadily since the end of 2016 and is nearly the flattest it's been since 2007. We all remember what happened after that. What investors really worry about is the yield curve going beyond flat to inverted, with short-term rates higher than long-term rates. It hasn't been lost on investors that inverted curves have correctly signaled the past seven US recessions.
Should Equity Investors Lose Sleep Over the Yield Curve?
A single line chart is keeping an awful lot of investors up at night: the US Treasury yield curve. It’s been flattening steadily since the end of 2016 and is nearly the flattest it’s been since 2007. We all remember what happened after that. What investors really worry about is the yield curve going beyond flat to inverted, with short-term rates higher than long-term rates. It hasn’t been lost on investors that inverted curves have correctly signaled the past seven US recessions.
Energy Stocks: A Surprising Defensive Play?
With volatility rising, many equity investors are thinking proactively about downside protection. But traditional safe havens may not do the job. Defensive equity positions can be found today in surprising places - like the energy sector. After nine years of S&P 500 Index gains, investors are becoming increasingly nervous about the bull market's durability. Rising interest rates, a return of inflation and geopolitical concerns have fueled volatility.
Energy Stocks: A Surprising Defensive Play?
With volatility rising, many equity investors are thinking proactively about downside protection. But traditional safe havens may not do the job. Defensive equity positions can be found today in surprising places—like the energy sector. After nine years of S&P 500 Index gains, investors are becoming increasingly nervous about the bull market’s durability. Rising interest rates, a return of inflation and geopolitical concerns have fueled volatility.
US Equity Downturn Fears Deserve Attention
Even amid the midsummer lull, more investors are hunkering down and preparing for a potential correction. As the S&P 500 Index continues its relentless grind higher, we think it’s worth considering proactive steps for a change in the environment. US equity market volatility remains subdued. According to the Chicago Board Options Exchange (CBOE) Volatility Index, also known as the VIX, US stock market volatility hasn’t been this low in more than a decade.
US Banks: Ready to Emerge from the Storm?
After weathering the global financial crisis and an era of heavy regulation, the US banking sector has gotten what looks to be a clean bill of health. We think this opens a lot of possibilities for equity investors. When the US Federal Reserve released the results of its Comprehensive Capital Analysis and Review (CCAR) in late June, it marked a dramatic moment for beleaguered US banks. In one fell swoop, the annual stress tests confirmed that banks aren’t mired in a regulatory quagmire anymore.
Buying Into Banks As Trump Rally Unfolds
It's been a wild month for US banking stocks, which have rallied sharply since Donald Trump's victory. So how can investors position themselves in the sector amid a potentially dramatic change in the business and regulatory environment? After facing years of headwinds, US financials have been riding a wave of optimism. Since the election, the S&P 500 Banks Index has climbed by 17% through November 30.
Buying Into Banks As Trump Rally Unfolds
It's been a wild month for U.S. banking stocks, which have rallied sharply since Donald Trump's victory. So how can investors position themselves in the sector amid a potentially dramatic change in the business and regulatory environment? After facing years of headwinds, U.S. financials have been riding a wave of optimism. Since the election, the S&P 500 Banks Index has climbed by 17% through November 30.
Beware Of 'Perma-Bears' In Volatile Markets
Since the Great Recession of 2008-2009, we've seen more than a few macro scares that have rattled the global capital markets. Brexit is a real concern, but it's probably not going to be a market catastrophe.
Beware Of 'Perma-Bears' In Volatile Markets
Since the Great Recession of 2008-2009, we've seen more than a few macro scares that have rattled the global capital markets. Brexit is a real concern, but it's probably not going to be a market catastrophe.
Finding Silver Linings In Cloudy U.S. Equity Markets
Investors in US equities are facing tricky market conditions. To help stay focused in today's environment, we've outlined five "plays," or investing principles, for identifying the long-term drivers of a company's business, which should foster sustainable growth. After the recent correction, equity managers can access stocks of stronger companies at attractive valuations to better position a portfolio for long-term investment performance.
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