• Are Stocks Overheating?

    Front and center are two topics that seem to be on investors’ minds: the equity market’s current valuation given its all-time high price level and are interest rates and inflation about to inflect higher. The Biden administration appears to be set on providing swift and significant pandemic relief using the budget reconciliation process that only…

  • Alan Greenspan Revisits Irrational Exuberance

    The meteoric rise in the stock price of GameStop seems to have brought up the question of irrational exuberance in the markets. Irrational exuberance is a state of investor psychology, when the pendulum between fear and euphoria has swung too far towards the latter. In other words, stock prices are the aggregation of the myriad…

  • The Weight of GDP – CONTINUED

    The correlation between growing economic activity and growing weight of real GDP apparently peaked in the late 1970s. In recent years, the conceptual contribution to economic activity has reflected importantly the explosive growth in information gathering and processing techniques, which have greatly extended our capability to substitute ideas for physical volume. In the years ahead,…

  • ACM: Who We Are

    Advisors Capital Management was established as an all-cap equity and fixed income manager to provide investors with the most personal and customized portfolio management solutions possible. Our people, resources and commitment are solely focused on the personal and financial objectives of our clients. Our separate account management platform offers investors a variety of strategies, each…

  • Stock Prices

    Why do stock prices rise so persistently over the decades? The bottom line is that over the long run, stock price-to-earnings ratios, and hence their inverse, earnings-to-stock price ratios, have no discernible trend going back to at least 1890. The equity yield peaked in 1949 at 16 percent and ranges between 5 percent and 10…