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New Home Prices

As part of the new home sales report released today, the Census Bureau reported the number of homes sold by price and the average and median prices. From the Census Bureau: “The median sales price of new houses sold in December 2019 was $331,400. The average sales price was $384,500.” The following graph shows the […]

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What now for value stocks?

Value investing has been a topic of conversation recently as investors have been on watch for the long-struggling factor to reverse its misfortune. Value has underperformed growth for so long that it is comparatively cheap. But that doesn’t automatically make it a buy. What is value investing? For a systematic, data-oriented investor, a value strategy […]

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A few Comments on December New Home Sales

New home sales for December were reported at 694,000 on a seasonally adjusted annual rate basis (SAAR). Sales for the previous three months were revised down. Annual sales in 2019 were at 681,000, up 10.3% from annual sales in 2018, and the best year for new home sales since 2007.   This was well above […]

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Dallas Fed: “Growth in Texas Manufacturing Activity Picks Up”

From the Dallas Fed: Growth in Texas Manufacturing Activity Picks Up Growth in Texas factory activity accelerated in January, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose seven points to 10.5, suggesting stronger output growth than last month. Other measures of […]

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New Home Sales at 694,000 Annual Rate in December

The Census Bureau reports New Home Sales in December were at a seasonally adjusted annual rate (SAAR) of 694 thousand. The previous three months were revised down, combined. “Sales of new single‐family houses in December 2019 were at a seasonally adjusted annual rate of 694,000, according to estimates released jointly today by the U.S. Census […]

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Fed’s printing press favors emerging markets

Starting in late August two things happened that had not occurred in several years: The Federal Reserve started expanding its balance sheet and emerging markets began outperforming. The two are intimately related and are likely to continue. Back in July I highlighted the importance of monetary and broader financial conditions for emerging markets. While the […]

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8 key investment themes for 2020

In our industry, we can safely rely on the turn of the calendar year to bring with it an overflowing inbox of “bold calls” for year ahead. Through the barrage of 2020 predictions, sector bets, benchmark target revisions, and the like, we are struck by the sobering reality that it will be incredibly difficult for […]

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Monday: New Home Sales

Weekend:• Schedule for Week of January 26, 2020 Monday:• At 10:00 AM ET, New Home Sales for December from the Census Bureau. The consensus is for 730 thousand SAAR, up from 719 thousand in November. • At 10:30 AM, Dallas Fed Survey of Manufacturing Activity for January. From CNBC: Pre-Market Data and Bloomberg futures: S&P […]