MARKET OVERVIEW Market sentiment over the month was shaped by a persistent tension between slowing growth and residual inflation, compounded by political uncertainty and rapid structural change in key industries. Investors moved back and forth between risk-on and risk-off positioning as incoming data, often delayed or partial, undermined confidence in traditional macro signals. The prolonged U.S. government shutdown became a material factor in its own right, disrupting trans

November Bottom Up IERP The Implied Equity Risk Premium (“IERP”) is commonly estimated using methodologies similar to the internal rate of return in project finance or the yield to maturity of a fixed income instrument. At the aggregate market level, the IERP is understood as a market capitalization weighted average of the IERPs of the individual securities that comprise the index. This framework permits the cross validation of top down IERP estimates by reference to bottom

MARKET OVERVIEW October opened under intense macroeconomic uncertainty as the U.S. federal government entered a shutdown at 12:01 a.m. on October 1. With roughly 800,000 government workers furloughed, the shutdown immediately threatened consumer spending and federal services, and it also delayed critical economic releases including monthly jobs and inflation data, reducing market visibility and policymaker clarity. Historically, prolonged shutdowns drag GDP, and early analys

October Bottom Up IERP The Implied Equity Risk Premium (“IERP”) is commonly estimated using methodologies similar to the internal rate...

Market Overview September closed with a complex mix of economic signals, policy shifts, and corporate developments. Labor market...

Summary: Implied Equity Risk Premium (IERP):  As of August 31, 2025, the IERP is estimated at 4.10%, below the historical average (5.36%)...

Summary: Valuation Revision: S&P 500 valuation increased due to a $50 billion rise in stock buybacks and a mixed earnings outlook—2025...

In this brief update, we share our latest estimate of market valuation, guided by our internal models, along with an update on the equity...

Baoro Research KEY SUMMARY: l . Elevated Valuation: Both our IERP and P/CF models suggests the S&P500 is significantly overvalued at...

March 2025 Market Overview U.S & Canada March presented a turbulent landscape for global markets, shaped by growing economic...

Dear Investors, Happy April, and thank you for visiting. We’re pleased to announce the launch of our Newsletter & Updates page , a new...

Date: January 11, 2025 Overview Since the market turbulence experienced from late summer 2021 through Q4 of fiscal year 2022, U.S...