U.S. Consumer Research

We do research on topics relating to the U.S. consumer and the associated stocks. Our approach is bottom-up in nature and incorporates a comprehensive examination of the fundamentals with the use of our quantitative tools, which have been particularly efficacious in the consumer cyclicals space. We are guided by empirical evidence but bring our own judgments about what matters now to bear. Our findings, along with lists highlighting attractive and unattractive stocks, are presented in our publications.

Our work often melds our knowledge about how macroeconomic settings influence consumer spending behavior and stock performance with analysis of company-level data, drawing on our proprietary databases that contain more than 85 years of historical data. Some examples of this include analyzing the impacts on spending from wealth effects related to home and equity price changes, how debt demand and the housing cycle are intertwined, the differing impacts of tax increases by income level and changes in the interest rate sensitivity of the stocks.