Earnings Season, Skewed Growth Figures And Quant Ratings With Steven Cress
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 23 April 2023
⏱️ 20 minutes
🧾️ Download transcript
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Show Notes:
Steven Cress on Seeking Alpha
Quant Ratings
Top 5 Stocks For Earnings Season
Seeking Alpha Investing Groups
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Transcript
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| 0:00.0 | Welcome to the Wall Street breakfast podcast. |
| 0:02.1 | I'm Kim Kahn, your host for this episode. |
| 0:04.4 | I'm joined by the indefatigable Steve Hress, |
| 0:07.9 | who is head of Quant here at Seeking Alpha. |
| 0:10.1 | Welcome Steve. |
| 0:10.8 | Thank you so much for having me today. |
| 0:12.0 | So we've got earning season really gaining traction. It looks like the numbers have been holding up well enough for the broader market so far. Tesla notwithstanding on the day we're recording this today which is going |
| 0:24.0 | weighing on growth but I was looking at a note from Morgan Stanley strategist Mike |
| 0:28.8 | Wilson to start the week he had a great track record last year and he made a great analogy using probably my favorite book, |
| 0:38.7 | The Sun Also Rises by Ernest Hemingway. And in it, the undischarged bankrupt character Mike Campbell is asked |
| 0:46.1 | how he went bankrupt. And he replies, two ways, gradually and then suddenly. And that's kind of how Mike Wilson's seeing the markets work at recently, especially in respect to earnings, that we've seen a gradual erosion of ETS estimates, but things could get pretty sudden in a hurry. |
| 1:06.6 | He says that revenue growth could be disappointing over the next few months and quarters, and |
| 1:11.6 | that's going to ratchet down some estimates. So if we take that caution in mind, we want to know for our listeners how |
| 1:19.5 | quant rating can really help investors. We might be tempted to ditch out of equities after this run we've seen year today and look for the returns that we're seeing in cash and bonds right now. |
| 1:30.0 | Well, again, I appreciate you having me here today and guarding Mike Wilson, I will share with you that I used to work at Morgan Stanley for 13 years and actually used to sit right next to Mike Wilson on the trading floor for a number of years. |
| 1:45.2 | So he is a terrific guy and he is an excellent strategist as well. |
| 1:50.8 | I think I'll start off with the part of your question that has to do with |
| 1:54.3 | Ernie season. As you mentioned it looks like the results are holding up. I would say |
| 1:59.7 | it is the very very beginning of Ernie season and this is largely being seen in the results from the |
| 2:05.2 | mega financial institutions. Typically a fully integrated banks and insurance companies, they should do well |
| 2:11.6 | what rates are higher and and the face of inflation. |
| 2:15.0 | I wrote a couple articles going back well over a year ago that banks would be a good place to be in |
... |
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