Momentum stocks are already cheaper than the broader market based on their forward P/E ratio. This is the Morgan Chase stock strategy chart that was switched over in the Daily Shot on August 14. The scope is the S&P 500: the forward P/E ratio spread of the 12-month momentum relative to the market. Historically, the median premium is around 1.8x; now it has dropped to -0.3x, roughly the 4.1st percentile. In the 2020–2021 period, the premium was still over 10x.
The numerator is the forward P/E ratio of the momentum basket, and the denominator is the whole market. On Yahoo the same afternoon, they also printed the -0.3x and the 4.1% percentile figures. The premium disappearing only means that this factor is no longer expensive.
#美股 #估值 #動量
The numerator is the forward P/E ratio of the momentum basket, and the denominator is the whole market. On Yahoo the same afternoon, they also printed the -0.3x and the 4.1% percentile figures. The premium disappearing only means that this factor is no longer expensive.
#美股 #估值 #動量
