David Kostin

Last updated on 2014-04-09T17:10+0300.

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David Kostin wrote : “Many investors believe the spending boost will lead to higher inflation and interest rates, which would reduce the value of equity duration and increase the importance of near-term growth,” External link

news-yahoo Monday, February 22, 2021 1:09:00 PM EAT

David Kostin wrote : “Many investors believe the spending boost will lead to higher inflation and interest rates, which would reduce the value of equity duration and increase the importance of near-term growth,” External link

news-yahoo Monday, February 22, 2021 5:32:00 AM EAT

David Kostin wrote : “Many investors believe the spending boost will lead to higher inflation and interest rates, which would reduce the value of equity duration and increase the importance of near-term growth,” External link

news-yahoo Sunday, February 21, 2021 9:56:00 PM EAT

David Kostin said : "The pockets of excess, if you will, or buoyance or frothiness, definitely exist in some sectors ... but at the end of the day rates are super low," External link

cnbc Thursday, February 11, 2021 12:14:00 AM EAT

David Kostin said : "The pockets of excess, if you will, or buoyance or frothiness, definitely exist in some sectors ... but at the end of the day rates are super low," External link

cnbc Wednesday, February 10, 2021 8:07:00 PM EAT

David Kostin said : "Low interest rates, the flexible structure, and the two-year window to find a target before returning capital suggest the popularity of SPACs will continue in the near term," "Importantly, we see little risk to public equity markets should investor enthusiasm for SPACs subside" External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "These firms account for 16% of equity trading volumes, exceeding the 15% share in 2000. Although this surge appears unsustainable, it also appears to pose little risk to the broad market because these companies account for just 5% of total market cap," External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "Like negative earners and penny stocks, trading volumes and share prices of stocks with EV/sales multiples over 20x have soared," "However, these firms are much larger, collectively accounting for 23% of trading volumes during the past month (96th percentile since 1985) and 9% of market cap" External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "History shows investors face long odds of outperforming when buying the most extremely-valued firms," External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "Low interest rates, the flexible structure, and the two-year window to find a target before returning capital suggest the popularity of SPACs will continue in the near term. Importantly, we see little risk to public equity markets should investor enthusiasm for SPACs subside," External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin said : "These firms account for 16% of equity trading volumes, exceeding the 15% share in 2000. Although this surge appears unsustainable, it also appears to pose little risk to the broad market because these companies account for just 5% of total market cap," External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin said : "Like negative earners and penny stocks, trading volumes and share prices of stocks with EV/sales multiples over 20x have soared," "However, these firms are much larger, collectively accounting for 23% of trading volumes during the past month (96th percentile since 1985) and 9% of market cap" External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin said : "History shows investors face long odds of outperforming when buying the most extremely-valued firms," External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 9:06:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 8:35:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 7:03:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 5:31:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 10:22:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 7:48:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 7:17:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 5:45:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 5:45:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 5:45:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 4:13:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 2:10:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:40:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:09:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:09:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 12:08:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 11:37:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 11:06:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 8:33:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 8:02:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 4:58:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 4:28:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:21:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Thursday, January 21, 2021 11:49:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Thursday, January 21, 2021 7:13:00 PM EAT

David Kostin says : “On absolute metrics like price/earnings...the market is very expensive relative to its history, in the 90th percentile or greater,” External link

marketwatch Tuesday, January 5, 2021 12:13:00 AM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 2:11:00 PM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 12:48:00 PM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 7:09:00 AM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 1:55:00 AM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Tuesday, September 22, 2020 5:33:00 PM EAT

David Kostin said : “For investors, a vaccine means better economic growth, and with that comes the prospect of higher earnings, rising inflation, and a higher and steeper yield curve. Many of today’s value stocks have faced particularly acute challenges from the coronavirus and will experience the sharpest rebounds in earnings expectations once investors have confidence in the path to normalization,” External link

theglobeandmail Tuesday, September 22, 2020 2:06:00 AM EAT

David Kostin said : “Given the several-week delay in finalizing the results of the 2000 presidential election ... the elevated volumes of mail-in ballots used in recent primary elections, and potential for increased mail in ballots this November, we see heightened risk that election-related volatility could extend beyond Election Day,” External link

forbes Wednesday, September 16, 2020 9:03:00 PM EAT

David Kostin said : “Given the several-week delay in finalizing the results of the 2000 presidential election ... the elevated volumes of mail-in ballots used in recent primary elections, and potential for increased mail in ballots this November, we see heightened risk that election-related volatility could extend beyond Election Day,” External link

forbes Thursday, September 10, 2020 10:37:00 PM EAT

David Kostin wrote : “Share prices reflect not just the expected future stream of earnings but also the rate at which the profits are discounted to present value,” External link

financialexpress Wednesday, August 19, 2020 1:47:00 PM EAT

David Kostin wrote : “The largest risk to our forecast is the timing of a vaccine and path of recovery from the pandemic,” External link

theepochtimes Wednesday, August 19, 2020 12:35:00 AM EAT

David Kostin wrote : “Share prices reflect not just the expected future stream of earnings but also the rate at which the profits are discounted to present value,” External link

economictimes Tuesday, August 18, 2020 7:20:00 PM EAT

David Kostin wrote : “Share prices reflect not just the expected future stream of earnings but also the rate at which the profits are discounted to present value,” External link

news-yahoo Tuesday, August 18, 2020 6:58:00 PM EAT

David Kostin wrote : “Looking forward, a falling equity risk premium will outweigh a rise in bond yields, and combined with our above-consensus EPS forecast, will lift the S&P 500 Index to 3,600 by year-end,” External link

theepochtimes Tuesday, August 18, 2020 1:01:00 AM EAT

David Kostin wrote : “The largest risk to our forecast is the timing of a vaccine and path of recovery from the pandemic,” External link

theepochtimes Tuesday, August 18, 2020 1:01:00 AM EAT

David Kostin said : “The S&P 500 level has returned to its pre-pandemic high, but the building blocks supporting the price have shifted dramatically,” External link

ft Monday, August 17, 2020 4:40:00 PM EAT

David Kostin said : “The S&P 500 level has returned to its pre-pandemic high, but the building blocks supporting the price have shifted dramatically,” External link

ft Monday, August 17, 2020 3:14:00 PM EAT

David Kostin wrote : “As the last few months have demonstrated, equity prices depend on not just the expected future stream of earnings but the rate at which those earnings are discounted to present value,” External link

bloomberg Monday, August 17, 2020 2:56:00 PM EAT

David Kostin wrote : “As the last few months have demonstrated, equity prices depend on not just the expected future stream of earnings but the rate at which those earnings are discounted to present value,” External link

news-yahoo Monday, August 17, 2020 12:29:00 PM EAT

David Kostin wrote : “As the last few months have demonstrated, equity prices depend on not just the expected future stream of earnings but the rate at which those earnings are discounted to present value,” External link

news-yahoo Monday, August 17, 2020 9:28:00 AM EAT

David Kostin wrote : “Given the heightened investor focus on the earnings outlook in 2021 and 2022, we expect management commentary will prove more valuable than backward-looking results,” External link

news-yahoo Tuesday, July 21, 2020 5:33:00 PM EAT

David Kostin said : “We estimate the S&P 500 will deliver an average annualized total return of 6% during the next 10 years,” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin wrote : “One [risk] warrants mention in particular,” “It is challenging, and arguably impossible, to forecast with accuracy the long-term return of an index when firms that may be added to the benchmark in the not-too-distant future may not yet have been founded” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin wrote : “The S&P 500 index changes over time,” “Since 1980, more than 35% of S&P 500 constituents have turned over during the average 10-year period” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin said : “To put the index turnover in the context of long-term US equity returns, consider that since we published our original forecast eight years ago, 170 new constituents have entered the index while an identical number of stocks exited the benchmark,” “The new companies now represent 17% of the S&P 500 index capitalization. Examples of current constituents that were not in the S&P 500 index in 2012: Facebook (FB, entered index in Dec-2013), Paypal ( , Nov-2019)” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin said : "Given the several-week delay in finalizing the results of the 2000 presidential election ... the elevated volumes of mail-in ballots used in recent primary elections, and potential for increased mail in ballots this November, we see heightened risk that election-related volatility could extend beyond Election Day," External link

cnbc Wednesday, July 8, 2020 6:44:00 PM EAT

David Kostin added : "For context, it took 34 days for the winner to be decided in the 2000 contest between George W. Bush and Al Gore," External link

cnbc Wednesday, July 8, 2020 6:44:00 PM EAT

David Kostin added : "For context, it took 34 days for the winner to be decided in the 2000 contest between George W. Bush and Al Gore," External link

cnbc Wednesday, July 8, 2020 2:57:00 PM EAT

David Kostin said : “The pace of viral spread and path of economic normalization will be key determinants of household equity flows,” “In addition, political uncertainty, particularly regarding personal tax rates, represents a risk to our forecast” External link

bloomberg Monday, June 22, 2020 9:11:00 PM EAT

David Kostin added : "The surge in retail trading activity has amplified the market rotation toward cyclicals and value stocks," "Improving virus and activity data pushed investors toward cyclicals, small-caps, and other economically-sensitive, low-multiple stocks" External link

cnbc Monday, June 15, 2020 4:30:00 PM EAT

David Kostin said : "Many of our client discussions have centered on the apparent disconnect between financial assets and the economy," "Most institutional investors have been stunned by the juxtaposition of the sharpest GDP contraction on record with a 36% market rally, as have we" External link

cnbc Monday, June 15, 2020 3:55:00 PM EAT

David Kostin wrote : “Although the coronavirus has caused the sharpest decline in economic activity on record, in some ways tax policy represents a larger risk to earnings and consequently to equity prices,” External link

washtimes Friday, June 12, 2020 3:27:00 AM EAT

David Kostin wrote : “Although the coronavirus has caused the sharpest decline in economic activity on record, in some ways tax policy represents a larger risk to earnings and consequently to equity prices,” External link

washtimes Friday, June 12, 2020 1:22:00 AM EAT

David Kostin wrote : “In addition to the elevated positions of hedge funds and retail investors, the sharp ongoing reduction in buybacks poses a risk to the balance of U.S. equity supply and demand,” External link

news-yahoo Thursday, June 4, 2020 12:52:00 AM EAT

David Kostin noted : “The powerful rebound means our previous three-month target of 2,400 is unlikely to be realized. Monetary and fiscal policy support limit likely downside to roughly 10%,” External link

news-yahoo Wednesday, June 3, 2020 6:27:00 PM EAT

David Kostin writes : “A single catalyst may not spark a pullback, but a number of concerns and risks exist that we believe, and our client discussions confirm, investors are downplaying,” External link

cyprus-mail Thursday, May 21, 2020 11:30:00 AM EAT

David Kostin wrote : “The tax law could be reversed depending on the election result,” External link

bloomberg Monday, May 11, 2020 8:29:00 PM EAT

David Kostin wrote : “The tax law could be reversed depending on the election result,” External link

news-yahoo Monday, May 11, 2020 7:17:00 PM EAT

David Kostin wrote : “A single catalyst may not spark a pullback, but a number of concerns and risks exist that we believe, and our client discussions confirm, investors are downplaying,” External link

bloomberg Monday, May 11, 2020 6:25:00 PM EAT

David Kostin said : “The ‘fear of missing out’ best describes the thought process,” External link

bloomberg Monday, May 11, 2020 6:25:00 PM EAT

David Kostin wrote : “A single catalyst may not spark a pullback, but a number of concerns and risks exist that we believe, and our client discussions confirm, investors are downplaying,” External link

economictimes Monday, May 11, 2020 6:16:00 PM EAT

David Kostin said : “The ‘fear of missing out’ best describes the thought process,” External link

economictimes Monday, May 11, 2020 6:16:00 PM EAT

David Kostin told : “I would just remind you that in 2008 in the fourth quarter there were many different rallies…but the market did not bottom until March of 2009,” External link

marketwatch Saturday, April 11, 2020 6:42:00 PM EAT

David Kostin said : “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times -- but the market did not bottom until March of 2009” External link

ibtimes Wednesday, April 8, 2020 11:56:00 PM EAT

David Kostin said : “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times -- but the market did not bottom until March of 2009” External link

ibtimes Wednesday, April 8, 2020 6:26:00 PM EAT

David Kostin said : "There's no all clear bell that rings in terms of when this is over," "Clearly there's some industries that are going to be hard pressed" External link

cnbc Wednesday, April 8, 2020 3:48:00 PM EAT

David Kostin disse : "O risco de queda é maior do que a oportunidade de alta a partir deste momento" External link

uol Wednesday, April 8, 2020 6:13:00 AM EAT

David Kostin said : “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times — but the market did not bottom until March of 2009,” External link

forbes Wednesday, April 8, 2020 1:41:00 AM EAT

David Kostin said : “Bear markets are often punctuated by sharp bounces before resuming their downward trajectory,” External link

forbes Tuesday, March 31, 2020 10:39:00 PM EAT

David Kostin said : “Bear markets are often punctuated by sharp bounces before resuming their downward trajectory,” External link

forbes Tuesday, March 31, 2020 7:23:00 PM EAT

David Kostin said : "A three-part checklist for a sustained rally: (1)Slowing viral spread; (2) Evidence that fiscal and monetary policy stimulus is working; and (3) A bottoming in investor positioning and flows," External link

cnbc Monday, March 30, 2020 2:58:00 PM EAT

David Kostin said : “As liquidity in the credit markets falls, companies with the strongest balance sheets are in the best position to weather the negative cash flow resulting from the economic shutdown,” External link

theglobeandmail Tuesday, March 24, 2020 2:32:00 AM EAT

David Kostin warned : “If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained,” External link

ibtimes Monday, March 23, 2020 5:29:00 PM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 12:49:00 PM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 9:28:00 AM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 7:02:00 AM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 2:53:00 AM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 1:48:00 AM EAT

David Kostin wrote : “After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end,” “Investors have cut their equity positions in recent weeks, but not to levels reached at the trough of other major corrections this cycle” External link

ibtimes Wednesday, March 11, 2020 6:42:00 PM EAT

David Kostin wrote : “Investors should prepare for a longer period of virus-related uncertainty and position portfolios for the range of possible macroeconomic implications of the outbreak,” External link

ibtimes Wednesday, March 11, 2020 6:42:00 PM EAT

David Kostin warned : "After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end," "Both the real economy and the financial economy are exhibiting acute signs of stress" External link

cnbc Wednesday, March 11, 2020 6:23:00 PM EAT

David Kostin warned : "After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end," "Both the real economy and the financial economy are exhibiting acute signs of stress" External link

cnbc Wednesday, March 11, 2020 5:51:00 PM EAT

David Kostin warned : "After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end," External link

cnbc Wednesday, March 11, 2020 4:21:00 PM EAT

David Kostin wrote : "Both the real economy and the financial economy are exhibiting acute signs of stress," External link

cnbc Wednesday, March 11, 2020 4:21:00 PM EAT

David Kostin added : "Domestic business activity outside of those sectors is also likely to be weaker than we originally forecast, as underscored by reduced or withdrawn guidance from a number of firms in recent weeks," External link

cnbc Wednesday, March 11, 2020 4:21:00 PM EAT

David Kostin wrote : "Under the surface of the S&P 500 decline, the sector performance has been orderly," External link

CBSnews Monday, March 9, 2020 7:11:00 PM EAT

David Kostin wrote : “U.S. companies will generate no earnings growth in 2020,” External link

theglobeandmail Wednesday, March 4, 2020 12:51:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 12:17:00 PM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 10:04:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 9:27:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 7:19:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 2:33:00 AM EAT

David Kostin warned : “U.S. companies will generate no earnings growth in 2020,” External link

ibtimes Friday, February 28, 2020 12:59:00 AM EAT

David Kostin said : “Our reduced forecasts reflect the severe decline in Chinese economic activity in the first quarter, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in U.S. economic activity, and elevated uncertainty,” External link

theglobeandmail Friday, February 28, 2020 12:39:00 AM EAT

David Kostin said : “Our new baseline earnings forecasts assume the impact of COVID-19 on S&P 500 earnings per share is ultimately short-lived,” External link

theglobeandmail Friday, February 28, 2020 12:39:00 AM EAT

David Kostin said : “As a result, the path of earnings will likely be weak in the first half of 2020 but largely offset by solid growth in the second half of 2020 and 2021,” External link

theglobeandmail Friday, February 28, 2020 12:39:00 AM EAT

David Kostin said : “Our reduced forecasts reflect the severe decline in Chinese economic activity in the first quarter, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in U.S. economic activity, and elevated uncertainty,” External link

theglobeandmail Thursday, February 27, 2020 11:53:00 PM EAT

David Kostin said : “Our new baseline earnings forecasts assume the impact of COVID-19 on S&P 500 earnings per share is ultimately short-lived,” External link

theglobeandmail Thursday, February 27, 2020 11:53:00 PM EAT

David Kostin said : “As a result, the path of earnings will likely be weak in the first half of 2020 but largely offset by solid growth in the second half of 2020 and 2021,” External link

theglobeandmail Thursday, February 27, 2020 11:53:00 PM EAT

David Kostin wrote : “Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, disruption to the supply chain for many U.S. firms, a slowdown in U.S. economic activity, and elevated business uncertainty,” External link

thehill Thursday, February 27, 2020 7:46:00 PM EAT

David Kostin wrote : “A more severe pandemic could lead to a more prolonged disruption and a U.S. recession,” External link

thehill Thursday, February 27, 2020 7:46:00 PM EAT

David Kostin warned : “A more severe pandemic could lead to a more prolonged disruption and a US recession,” External link

forbes Thursday, February 27, 2020 6:58:00 PM EAT

David Kostin warned : “A more severe pandemic could lead to a more prolonged disruption and a US recession,” External link

forbes Thursday, February 27, 2020 6:58:00 PM EAT

David Kostin said : “Our reduced forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in U.S. economic activity, and elevated uncertainty,” External link

marketwatch Thursday, February 27, 2020 6:33:00 PM EAT

David Kostin said : “Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, disruption to the supply chain for many U.S. firms, a slowdown in U.S. economic activity, and elevated business uncertainty,” External link

nbcnews Thursday, February 27, 2020 5:33:00 PM EAT

David Kostin wrote : "Our reduced forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in US economic activity and elevated uncertainty," External link

marketwatch Thursday, February 27, 2020 5:32:00 PM EAT

David Kostin said : “A more severe pandemic could lead to a more prolonged disruption and a US recession,” External link

news-yahoo-in Thursday, February 27, 2020 5:25:00 PM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Thursday, February 27, 2020 4:24:00 PM EAT

David Kostin added : "A more severe pandemic could lead to a more prolonged disruption and a US recession," External link

cnbc Thursday, February 27, 2020 4:24:00 PM EAT

David Kostin wrote : “In order to avoid repeating the share price collapse experienced by their predecessors, today’s market cap leaders will need to at least meet -- and preferably exceed -- current consensus growth expectations,” “This time, expectations seem more achievable based on recent results and management guidance” External link

news-yahoo Monday, February 3, 2020 11:10:00 PM EAT

David Kostin wrote : "Today, the S&P 500 market cap is concentrated in the five largest stocks to a degree not witnessed since the peak of the Tech bubble," "Lower growth expectations, lower valuations, and a greater re-investment ratio suggest the current concentration may be more sustainable than it proved to be in 2000," External link

cnbc Monday, February 3, 2020 8:33:00 PM EAT

David Kostin wrote : "In order to avoid repeating the share price collapse experienced by their predecessors, today's market cap leaders will need to at least meet — and preferably exceed — current consensus growth expectations," "This time, expectations seem more achievable based on recent results and management guidance" External link

cnbc Monday, February 3, 2020 8:33:00 PM EAT

David Kostin said : “Investors should discount the likelihood that policies can actually be adopted,” “Recent history has shown that U.S. equities react more to policy implementation than election outcomes,” External link

news-yahoo Friday, November 1, 2019 11:31:00 PM EAT

David Kostin said : “few pockets of the equity market appear to be reflecting substantial policy risk” External link

news-yahoo Friday, November 1, 2019 11:31:00 PM EAT

David Kostin noted : “confluence of factors is likely involved.” External link

news-yahoo Friday, November 1, 2019 11:31:00 PM EAT

David Kostin said : "U.S. equity funds have experienced $100 billion of outflows year-to-date," External link

forbes Wednesday, October 30, 2019 8:21:00 AM EAT

David Kostin said : "U.S. equity funds have experienced $100 billion of outflows year-to-date," External link

forbes Wednesday, October 30, 2019 8:21:00 AM EAT

David Kostin said : “Companies with those two criteria typically outperform the market over three years,” External link

WashingtonPost Thursday, September 26, 2019 3:44:00 PM EAT

David Kostin told : “With the 10-year Treasury yield at just 1.5 percent and the Fed likely to cut two more times this year, investors should look for opportunities in dividend stocks” External link

news-yahoo Wednesday, August 28, 2019 6:46:00 PM EAT

David Kostin explains : “Services stocks have less exposure to trade conflict given they have lower foreign input costs that might be subject to tariffs and lower non-US sales than Goods firms,” External link

news-yahoo Wednesday, August 28, 2019 6:46:00 PM EAT

David Kostin said : "The ongoing trade dispute between the U.S. and China appears to have escalated into a full-blown economic conflict," External link

ibtimes Tuesday, August 13, 2019 4:09:00 AM EAT

David Kostin told : “The basket typically outperforms in weakening growth environments as investors assign a scarcity premium to firms that are able to expand ROE despite index-level headwinds,” External link

news-yahoo Sunday, August 4, 2019 3:20:00 PM EAT

David Kostin added : “We, therefore, expect that 2019 EPS growth will equal 3 percent, the low end of the range,” External link

ibtimes Tuesday, July 30, 2019 5:49:00 PM EAT

David Kostin noted : “The dovish Fed pivot has driven the equity market rally in 2019, and we expect low-interest rates will continue to support above-average valuations going forward,” External link

ibtimes Tuesday, July 30, 2019 5:49:00 PM EAT

David Kostin wrote : "Unless earnings growth accelerates materially, companies will likely continue to fund spending by drawing down cash balances and increasing leverage," External link

cnbc Monday, July 29, 2019 8:40:00 PM EAT

David Kostin wrote : "Unless earnings growth accelerates materially, companies will likely continue to fund spending by drawing down cash balances and increasing leverage," External link

cnbc Monday, July 29, 2019 7:35:00 PM EAT

David Kostin says : "The path forward for index Return on Equity is likely to be challenging, although lower interest rates and lower tax rates may provide support...we believe policy uncertainty and negative revisions to 2020 EPS forecasts will limit equity upside," External link

cnbc Monday, July 22, 2019 8:38:00 PM EAT

David Kostin said : "The path forward for index return on equity is likely to be challenging, although lower interest rates and lower tax rates may provide support," External link

cnbc Monday, July 22, 2019 8:38:00 PM EAT

David Kostin said : "We forecast flat S&P 500 margins through 2020, with risks tilted to the downside. ... Amid concerns about the growth and profitability outlook this year, investors have assigned a premium to companies able to expand ROE," External link

cnbc Monday, July 22, 2019 8:38:00 PM EAT

David Kostin says : "The path forward for index Return on Equity is likely to be challenging, although lower interest rates and lower tax rates may provide support...we believe policy uncertainty and negative revisions to 2020 EPS forecasts will limit equity upside," External link

cnbc Monday, July 22, 2019 4:36:00 PM EAT

David Kostin said : "The path forward for index return on equity is likely to be challenging, although lower interest rates and lower tax rates may provide support," External link

cnbc Monday, July 22, 2019 4:36:00 PM EAT

David Kostin said : "We forecast flat S&P 500 margins through 2020, with risks tilted to the downside...Amid concerns about the growth and profitability outlook this year, investors have assigned a premium to companies able to expand ROE," External link

cnbc Monday, July 22, 2019 4:36:00 PM EAT

David Kostin says : "What new, incremental information are we going to get to push the market higher? The answer is, not a lot," External link

cnbc Tuesday, July 9, 2019 8:57:00 PM EAT

David Kostin says : "A lot of that rise in the market, in my estimation, is already behind us," External link

cnbc Tuesday, July 9, 2019 8:57:00 PM EAT

David Kostin said : "Combining the tailwind to valuations from falling interest rates and the headwinds from weak growth and high uncertainty, a macro model indicates that the S&P 500 currently trades near fair value," External link

cnbc Wednesday, July 3, 2019 5:00:00 PM EAT

David Kostin says : "Rising market concentration and the political landscape suggest that regulatory risk will persist and could eventually weigh on company fundamentals," External link

cnbc Monday, June 17, 2019 7:23:00 PM EAT

David Kostin said : "History shows that stocks with the highest EV/sales ratios typically underperform peers over the long term. In general, these firms deliver the same upside as cheaper stocks when beating growth estimates, but more downside when missing forecasts, " External link

cnbc Monday, June 17, 2019 7:23:00 PM EAT

David Kostin said : "valuations and share prices declined between lawsuit filing and resolution," "The cases took years to resolve, and sales growth slowed following resolution" External link

cnbc Monday, June 17, 2019 7:23:00 PM EAT

David Kostin said : "Rising market concentration and the political landscape suggest that regulatory risk will persist and could eventually weigh on company fundamentals," External link

cnbc Monday, June 17, 2019 4:46:00 PM EAT

David Kostin said : "History shows that stocks with the highest EV/sales ratios typically underperform peers over the long term. In general, these firms deliver the same upside as cheaper stocks when beating growth estimates, but more downside when missing forecasts," External link

cnbc Monday, June 17, 2019 4:46:00 PM EAT

David Kostin said : "valuations and share prices declined between lawsuit filing and resolution," "The cases took years to resolve, and sales growth slowed following resolution" External link

cnbc Monday, June 17, 2019 4:46:00 PM EAT

David Kostin wrote : "If the Fed does cut rates, the S&P 500 usually rallies afterward, with health care and consumer staples outperforming and information technology consistently lagging," External link

cnbc Monday, June 10, 2019 4:17:00 PM EAT

David Kostin added : "Few precedents exist during the past 30 years where futures discounted an interest rate cut 30 days prior to a scheduled FOMC meeting but the Fed did not cut," External link

cnbc Monday, June 10, 2019 4:17:00 PM EAT

David Kostin wrote : "We advocated for owning strong balance sheet stocks as the Fed consistently tightened policy during 2017 and 2018. However, the Fed's dovish pivot this year and the nearly unprecedented valuation premium of strong balance sheet stocks led us to adopt a more neutral posture in February," External link

cnbc Monday, June 10, 2019 4:17:00 PM EAT

David Kostin said : "Tariffs pose a greater risk to company profit margins than do sales," External link

cnbc Friday, May 24, 2019 8:50:00 PM EAT

David Kostin said : "The escalation in trade tensions has also likely supported recent relative fund returns," External link

cnbc Wednesday, May 22, 2019 7:31:00 PM EAT

David Kostin wrote : "Despite these tailwinds, broad-based positive 2019 EPS revisions will likely require a pickup in economic growth or improved pricing," External link

cnbc Monday, May 20, 2019 4:37:00 PM EAT

David Kostin writes : "Services firms are less exposed to trade policy and have better corporate fundamentals than goods companies and should outperform even if the trade tensions are ultimately resolved, as our economists expect," External link

news-yahoo Monday, May 13, 2019 9:29:00 PM EAT

David Kostin said : "We are thinking about some of the drivers of profit growth going forward, and we are looking at some of the communication services stocks," External link

cnbc Tuesday, May 7, 2019 9:58:00 PM EAT

David Kostin said : "Firms boosted total cash spending by 25% to $2.8 trillion in 2018. However, investors have not rewarded most forms of cash spending during the past 12 months," External link

cnbc Monday, April 29, 2019 6:05:00 PM EAT

David Kostin writes : "Mounting pressures from wage inflation and other input costs will pressure margins, making further expansion from currently all-time high margins unlikely," External link

news-yahoo Tuesday, April 2, 2019 12:04:00 AM EAT

David Kostin wrote : “S&P 500 returns will be more modest and micro-driven in the near-term,” “We recommend investors focus on relative value and idiosyncratic alpha opportunities” External link

news-yahoo Monday, February 18, 2019 10:55:00 AM EAT

David Kostin argued : “the risk-reward has recently become less favorable,” External link

hellenicshippingnews Tuesday, February 12, 2019 11:06:00 PM EAT

David Kostin said : “We no longer have conviction that the relative outperformance of strong balance sheet stocks will continue in the near term,” External link

hellenicshippingnews Tuesday, February 12, 2019 11:06:00 PM EAT

David Kostin wrote : “Recent equity market performance implies a more dramatic slowdown than our baseline,” External link

news-yahoo Tuesday, December 11, 2018 2:34:00 AM EAT

David Kostin said : “Cash will represent a competitive asset class to stocks for the first time in many years,” External link

theglobeandmail Saturday, December 8, 2018 2:38:00 AM EAT

David Kostin said : “We recommend mixed-asset investors recalibrate their portfolios by reducing equity holdings and lifting cash allocations,” External link

theglobeandmail Saturday, December 8, 2018 2:38:00 AM EAT

David Kostin said : "During periods of modest economic growth, investors gravitate to the scarce commodity: stocks with secular growth prospects," External link

4-traders Sunday, July 30, 2017 3:27:00 AM EAT

David Kostin wrote : "Stocks with the highest effective tax rates will be the clearest beneficiaries of any potential tax reform," External link

cnbc Friday, February 10, 2017 12:51:00 AM EAT

David Kostin wrote : "Record-high equity prices and low volatility suggest investors are focused on the potential for better economic growth instead of the risks implied by elevated policy uncertainty," External link

cnbc Monday, January 30, 2017 10:38:00 PM EAT

David Kostin said : "Several investor categories have debt allocations that are currently at the lowest level in 30 years," "Debt holdings of these investors may decline further, but a more likely outcome is that bond holdings and allocations remain unchanged and debt as a share of the portfolio falls only to the extent equities appreciate" External link

cnbc Tuesday, January 10, 2017 10:16:00 PM EAT

David Kostin said ( about Mr Trump ) : "Congressional deficit hawks may constrain Mr. Trump's tax reform plans, and the (earnings) boost investors expect may not materialize," External link

cnbc Wednesday, November 30, 2016 9:51:00 PM EAT

David Kostin wrote : "Policy uncertainty introduces a degree of instability to our 2017 forecast that has been absent in recent years," "Uncertainty always exists when forecasting, but our projections for next year have more elements of instability than usual" External link

cnbc Wednesday, November 30, 2016 9:51:00 PM EAT

David Kostin wrote : "While near-term drug stocks may benefit from a relief rally, we still expect that drug pricing may remain a bipartisan issue and any changes to Obamacare may be drawn out," External link

cnbc Tuesday, November 29, 2016 8:49:00 PM EAT

David Kostin said : "We expect firms will increase cash spending allocated to investing for growth (capex, R&D and M&A) by 6 percent to $1.3 trillion while cash returned to shareholders (buybacks and dividends) will rise by 19 percent to $1.2 trillion," External link

cnbc Monday, November 21, 2016 8:06:00 PM EAT

David Kostin said : "We expect firms will increase cash spending allocated to investing for growth (capex, R&D, and M&A) by 6 percent to $1.3 trillion while cash returned to shareholders (buybacks and dividends) will rise by 19 percent to $1.2 trillion," External link

cnbc Monday, November 21, 2016 6:54:00 PM EAT

David Kostin said : "We expect the equity market response to the election result will be limited," External link

sltrib Thursday, November 10, 2016 2:55:00 AM EAT

David Kostin said : "Firms with the most consistently positive EPS revisions from 2011 to 2016 bought back more stock and reduced share count by more than the usual S&P 500 company, expanded margins and had more positive sales revisions than the typical firm," External link

cnbc Monday, October 31, 2016 9:56:00 PM EAT

David Kostin wrote : "The candidates would likely look toward corporate tax reform, particularly on untaxed foreign profits, to fund their expansionary fiscal policies," External link

cnbc Tuesday, October 18, 2016 12:52:00 AM EAT

David Kostin concludes : "A poor earnings season could pressure stocks, sending the market index lower and pushing investors back toward defensives," "Additional negative EPS revisions and rising uncertainty in advance of the presidential election add to the case for defensive firms" External link

bloomberg Monday, October 10, 2016 5:06:00 PM EAT

David Kostin said : “Our buyback desk estimates that gross share buybacks in third quarter 2016 will be 15% lower than in second quarter 2016,” External link

marketwatch Saturday, October 8, 2016 9:53:00 PM EAT

David Kostin wrote : "Regardless of victor, the most likely policy outcome of the election is increased fiscal spending," "We recommend clients vote with their wallets and focus on the likely beneficiaries" External link

cnbc Monday, September 26, 2016 7:54:00 PM EAT

David Kostin wrote : "Regardless of victor, the most likely policy outcome of the election is increased fiscal spending," "We recommend clients vote with their wallets and focus on the likely beneficiaries" External link

cnbc Monday, September 26, 2016 7:22:00 PM EAT

David Kostin wrote : "The historical relationship between ROE and P/B shows investors typically penalize falling profitability with lower valuation," External link

cnbc Monday, September 19, 2016 8:57:00 PM EAT

David Kostin wrote : "We forecast the S&P 500 will follow a 'fat and flat' trajectory over the next 12 months and finish at 2175, roughly 2 percent above the current level," External link

cnbc Monday, September 12, 2016 6:23:00 PM EAT

David Kostin wrote : "Managements expressed concern that consumers will postpone spending due to rising political and economic uncertainty. However, financial firms noted an improvement in household balance sheets," External link

cnbc Friday, August 12, 2016 8:35:00 PM EAT

David Kostin wrote : "Buybacks have decelerated since the start of 2Q given reduced authorizations and high stock valuations. We expect further near-term deceleration," External link

cnbc Monday, August 1, 2016 9:34:00 PM EAT

David Kostin said : "Bottom-up consensus estimates suggest that S&P 500 adjusted EPS will fall by 3 percent year/year in 2Q 2016," "We expect that growth using operating EPS, S&P's preferred metric, will also be negative, marking the seventh consecutive quarter with negative EPS growth. This has never happened [since 1967] outside of an economic recession" External link

cnbc Monday, July 11, 2016 7:39:00 PM EAT

David Kostin said : “The coming months will see a continuation of the recent slow growth, low interest rate environment along with a rise in uncertainty stemming from Brexit and the November elections,” External link

marketwatch Wednesday, July 6, 2016 10:34:00 PM EAT

David Kostin wrote : "The coming months will see a continuation of the recent slow growth, low interest rate environment along with a rise in uncertainty stemming from Brexit and the November elections," External link

cnbc Wednesday, July 6, 2016 6:21:00 PM EAT

David Kostin said : “We now estimate gross equity demand of $500 billion and overall U.S. equity net demand. Inflows into equity mutual funds and ETFs—and by extension demand for shares—will be less than we had originally forecast,” External link

hellenicshippingnews Tuesday, June 21, 2016 9:07:00 PM EAT

David Kostin said : “The January correction sparked ETF outflows of $21 billion during the first two months of the year,” External link

hellenicshippingnews Tuesday, June 21, 2016 9:07:00 PM EAT

David Kostin said : “History suggests that foreign purchases of U.S. equities are lower during periods of a strengthening U.S. dollar than when the U.S. dollar is weakening,” External link

hellenicshippingnews Tuesday, June 21, 2016 9:07:00 PM EAT

David Kostin wrote : "Firms with the highest operating leverage will benefit most from improving activity and the associated pickup in sales growth," External link

cnbc Monday, June 13, 2016 4:06:00 PM EAT

David Kostin wrote : "We believe fund managers should look past the great rate debate and pay attention to the strengthening U.S. dollar relative to the China RMB," External link

cnbc Monday, June 6, 2016 6:17:00 PM EAT

David Kostin said : "When we think about what happened at the start of this year, investors were pushing back the probability of a rate hike," External link

sltrib Friday, May 27, 2016 10:38:00 AM EAT

David Kostin said : "That performance is entirely consistent with the increasing risk of the Fed tightening," External link

sltrib Friday, May 27, 2016 10:38:00 AM EAT

David Kostin said : "The macroeconomic theme will work, in my opinion, the problem is the valuation gap," "By definition, investors are less enthusiastic when the gap is that wide" External link

sltrib Friday, May 27, 2016 10:38:00 AM EAT

David Kostin said : "Diversified fund managers who are currently underweight REITs are unlikely to suddenly move to a market weight position in real estate just because the industry group is reclassified as a sector," External link

cnbc Wednesday, May 25, 2016 11:28:00 PM EAT



Key Titles and Phrases Count Lang Last Seen
analyst4.44%EN11/22/201722/11/2017
strategist48.89%EN10/25/201725/10/2017
economist8.89%EN08/01/201701/08/2017
chief u.s.25.56%EN07/30/201730/07/2017
chief3.33%EN12/09/201609/12/2016
head1.11%EN07/08/201608/07/2016
chief u7.78%EN11/27/201327/11/2013
Names Lang Count
David KostinEN85.42%
David KostinDE10.42%
David KostenEN2.08%
David KostinPT2.08%


 
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David Kostin

Last updated on 2014-04-09T17:10+0300.

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David Kostin wrote : “Many investors believe the spending boost will lead to higher inflation and interest rates, which would reduce the value of equity duration and increase the importance of near-term growth,” External link

news-yahoo Monday, February 22, 2021 1:09:00 PM EAT

David Kostin wrote : “Many investors believe the spending boost will lead to higher inflation and interest rates, which would reduce the value of equity duration and increase the importance of near-term growth,” External link

news-yahoo Monday, February 22, 2021 5:32:00 AM EAT

David Kostin wrote : “Many investors believe the spending boost will lead to higher inflation and interest rates, which would reduce the value of equity duration and increase the importance of near-term growth,” External link

news-yahoo Sunday, February 21, 2021 9:56:00 PM EAT

David Kostin said : "The pockets of excess, if you will, or buoyance or frothiness, definitely exist in some sectors ... but at the end of the day rates are super low," External link

cnbc Thursday, February 11, 2021 12:14:00 AM EAT

David Kostin said : "The pockets of excess, if you will, or buoyance or frothiness, definitely exist in some sectors ... but at the end of the day rates are super low," External link

cnbc Wednesday, February 10, 2021 8:07:00 PM EAT

David Kostin said : "Low interest rates, the flexible structure, and the two-year window to find a target before returning capital suggest the popularity of SPACs will continue in the near term," "Importantly, we see little risk to public equity markets should investor enthusiasm for SPACs subside" External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "These firms account for 16% of equity trading volumes, exceeding the 15% share in 2000. Although this surge appears unsustainable, it also appears to pose little risk to the broad market because these companies account for just 5% of total market cap," External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "Like negative earners and penny stocks, trading volumes and share prices of stocks with EV/sales multiples over 20x have soared," "However, these firms are much larger, collectively accounting for 23% of trading volumes during the past month (96th percentile since 1985) and 9% of market cap" External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "History shows investors face long odds of outperforming when buying the most extremely-valued firms," External link

cnbc Tuesday, January 26, 2021 8:09:00 AM EAT

David Kostin said : "Low interest rates, the flexible structure, and the two-year window to find a target before returning capital suggest the popularity of SPACs will continue in the near term. Importantly, we see little risk to public equity markets should investor enthusiasm for SPACs subside," External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin said : "These firms account for 16% of equity trading volumes, exceeding the 15% share in 2000. Although this surge appears unsustainable, it also appears to pose little risk to the broad market because these companies account for just 5% of total market cap," External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin said : "Like negative earners and penny stocks, trading volumes and share prices of stocks with EV/sales multiples over 20x have soared," "However, these firms are much larger, collectively accounting for 23% of trading volumes during the past month (96th percentile since 1985) and 9% of market cap" External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin said : "History shows investors face long odds of outperforming when buying the most extremely-valued firms," External link

cnbc Monday, January 25, 2021 4:31:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 9:06:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 8:35:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 7:03:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Saturday, January 23, 2021 5:31:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 10:22:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 7:48:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 7:17:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 5:45:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 5:45:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 5:45:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 4:13:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 2:10:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:40:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:09:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:09:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 12:08:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 11:37:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 11:06:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 8:33:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 8:02:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 4:58:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 4:28:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Friday, January 22, 2021 1:21:00 AM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Thursday, January 21, 2021 11:49:00 PM EAT

David Kostin noted : “Elections have consequences. Democratic control of Washington, D.C. after January 20 will bring greater fiscal spending, faster GDP growth, more inflation, and higher interest rates than we had previously assumed,” External link

news-yahoo Thursday, January 21, 2021 7:13:00 PM EAT

David Kostin says : “On absolute metrics like price/earnings...the market is very expensive relative to its history, in the 90th percentile or greater,” External link

marketwatch Tuesday, January 5, 2021 12:13:00 AM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 2:11:00 PM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 12:48:00 PM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 7:09:00 AM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Wednesday, September 23, 2020 1:55:00 AM EAT

David Kostin wrote : “Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1 2021 has surged to nearly 70% and economic data show a continuing recovery,” External link

news-yahoo Tuesday, September 22, 2020 5:33:00 PM EAT

David Kostin said : “For investors, a vaccine means better economic growth, and with that comes the prospect of higher earnings, rising inflation, and a higher and steeper yield curve. Many of today’s value stocks have faced particularly acute challenges from the coronavirus and will experience the sharpest rebounds in earnings expectations once investors have confidence in the path to normalization,” External link

theglobeandmail Tuesday, September 22, 2020 2:06:00 AM EAT

David Kostin said : “Given the several-week delay in finalizing the results of the 2000 presidential election ... the elevated volumes of mail-in ballots used in recent primary elections, and potential for increased mail in ballots this November, we see heightened risk that election-related volatility could extend beyond Election Day,” External link

forbes Wednesday, September 16, 2020 9:03:00 PM EAT

David Kostin said : “Given the several-week delay in finalizing the results of the 2000 presidential election ... the elevated volumes of mail-in ballots used in recent primary elections, and potential for increased mail in ballots this November, we see heightened risk that election-related volatility could extend beyond Election Day,” External link

forbes Thursday, September 10, 2020 10:37:00 PM EAT

David Kostin wrote : “Share prices reflect not just the expected future stream of earnings but also the rate at which the profits are discounted to present value,” External link

financialexpress Wednesday, August 19, 2020 1:47:00 PM EAT

David Kostin wrote : “The largest risk to our forecast is the timing of a vaccine and path of recovery from the pandemic,” External link

theepochtimes Wednesday, August 19, 2020 12:35:00 AM EAT

David Kostin wrote : “Share prices reflect not just the expected future stream of earnings but also the rate at which the profits are discounted to present value,” External link

economictimes Tuesday, August 18, 2020 7:20:00 PM EAT

David Kostin wrote : “Share prices reflect not just the expected future stream of earnings but also the rate at which the profits are discounted to present value,” External link

news-yahoo Tuesday, August 18, 2020 6:58:00 PM EAT

David Kostin wrote : “Looking forward, a falling equity risk premium will outweigh a rise in bond yields, and combined with our above-consensus EPS forecast, will lift the S&P 500 Index to 3,600 by year-end,” External link

theepochtimes Tuesday, August 18, 2020 1:01:00 AM EAT

David Kostin wrote : “The largest risk to our forecast is the timing of a vaccine and path of recovery from the pandemic,” External link

theepochtimes Tuesday, August 18, 2020 1:01:00 AM EAT

David Kostin said : “The S&P 500 level has returned to its pre-pandemic high, but the building blocks supporting the price have shifted dramatically,” External link

ft Monday, August 17, 2020 4:40:00 PM EAT

David Kostin said : “The S&P 500 level has returned to its pre-pandemic high, but the building blocks supporting the price have shifted dramatically,” External link

ft Monday, August 17, 2020 3:14:00 PM EAT

David Kostin wrote : “As the last few months have demonstrated, equity prices depend on not just the expected future stream of earnings but the rate at which those earnings are discounted to present value,” External link

bloomberg Monday, August 17, 2020 2:56:00 PM EAT

David Kostin wrote : “As the last few months have demonstrated, equity prices depend on not just the expected future stream of earnings but the rate at which those earnings are discounted to present value,” External link

news-yahoo Monday, August 17, 2020 12:29:00 PM EAT

David Kostin wrote : “As the last few months have demonstrated, equity prices depend on not just the expected future stream of earnings but the rate at which those earnings are discounted to present value,” External link

news-yahoo Monday, August 17, 2020 9:28:00 AM EAT

David Kostin wrote : “Given the heightened investor focus on the earnings outlook in 2021 and 2022, we expect management commentary will prove more valuable than backward-looking results,” External link

news-yahoo Tuesday, July 21, 2020 5:33:00 PM EAT

David Kostin said : “We estimate the S&P 500 will deliver an average annualized total return of 6% during the next 10 years,” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin wrote : “One [risk] warrants mention in particular,” “It is challenging, and arguably impossible, to forecast with accuracy the long-term return of an index when firms that may be added to the benchmark in the not-too-distant future may not yet have been founded” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin wrote : “The S&P 500 index changes over time,” “Since 1980, more than 35% of S&P 500 constituents have turned over during the average 10-year period” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin said : “To put the index turnover in the context of long-term US equity returns, consider that since we published our original forecast eight years ago, 170 new constituents have entered the index while an identical number of stocks exited the benchmark,” “The new companies now represent 17% of the S&P 500 index capitalization. Examples of current constituents that were not in the S&P 500 index in 2012: Facebook (FB, entered index in Dec-2013), Paypal ( , Nov-2019)” External link

news-yahoo-in Monday, July 20, 2020 8:03:00 PM EAT

David Kostin said : "Given the several-week delay in finalizing the results of the 2000 presidential election ... the elevated volumes of mail-in ballots used in recent primary elections, and potential for increased mail in ballots this November, we see heightened risk that election-related volatility could extend beyond Election Day," External link

cnbc Wednesday, July 8, 2020 6:44:00 PM EAT

David Kostin added : "For context, it took 34 days for the winner to be decided in the 2000 contest between George W. Bush and Al Gore," External link

cnbc Wednesday, July 8, 2020 6:44:00 PM EAT

David Kostin added : "For context, it took 34 days for the winner to be decided in the 2000 contest between George W. Bush and Al Gore," External link

cnbc Wednesday, July 8, 2020 2:57:00 PM EAT

David Kostin said : “The pace of viral spread and path of economic normalization will be key determinants of household equity flows,” “In addition, political uncertainty, particularly regarding personal tax rates, represents a risk to our forecast” External link

bloomberg Monday, June 22, 2020 9:11:00 PM EAT

David Kostin added : "The surge in retail trading activity has amplified the market rotation toward cyclicals and value stocks," "Improving virus and activity data pushed investors toward cyclicals, small-caps, and other economically-sensitive, low-multiple stocks" External link

cnbc Monday, June 15, 2020 4:30:00 PM EAT

David Kostin said : "Many of our client discussions have centered on the apparent disconnect between financial assets and the economy," "Most institutional investors have been stunned by the juxtaposition of the sharpest GDP contraction on record with a 36% market rally, as have we" External link

cnbc Monday, June 15, 2020 3:55:00 PM EAT

David Kostin wrote : “Although the coronavirus has caused the sharpest decline in economic activity on record, in some ways tax policy represents a larger risk to earnings and consequently to equity prices,” External link

washtimes Friday, June 12, 2020 3:27:00 AM EAT

David Kostin wrote : “Although the coronavirus has caused the sharpest decline in economic activity on record, in some ways tax policy represents a larger risk to earnings and consequently to equity prices,” External link

washtimes Friday, June 12, 2020 1:22:00 AM EAT

David Kostin wrote : “In addition to the elevated positions of hedge funds and retail investors, the sharp ongoing reduction in buybacks poses a risk to the balance of U.S. equity supply and demand,” External link

news-yahoo Thursday, June 4, 2020 12:52:00 AM EAT

David Kostin noted : “The powerful rebound means our previous three-month target of 2,400 is unlikely to be realized. Monetary and fiscal policy support limit likely downside to roughly 10%,” External link

news-yahoo Wednesday, June 3, 2020 6:27:00 PM EAT

David Kostin writes : “A single catalyst may not spark a pullback, but a number of concerns and risks exist that we believe, and our client discussions confirm, investors are downplaying,” External link

cyprus-mail Thursday, May 21, 2020 11:30:00 AM EAT

David Kostin wrote : “The tax law could be reversed depending on the election result,” External link

bloomberg Monday, May 11, 2020 8:29:00 PM EAT

David Kostin wrote : “The tax law could be reversed depending on the election result,” External link

news-yahoo Monday, May 11, 2020 7:17:00 PM EAT

David Kostin wrote : “A single catalyst may not spark a pullback, but a number of concerns and risks exist that we believe, and our client discussions confirm, investors are downplaying,” External link

bloomberg Monday, May 11, 2020 6:25:00 PM EAT

David Kostin said : “The ‘fear of missing out’ best describes the thought process,” External link

bloomberg Monday, May 11, 2020 6:25:00 PM EAT

David Kostin wrote : “A single catalyst may not spark a pullback, but a number of concerns and risks exist that we believe, and our client discussions confirm, investors are downplaying,” External link

economictimes Monday, May 11, 2020 6:16:00 PM EAT

David Kostin said : “The ‘fear of missing out’ best describes the thought process,” External link

economictimes Monday, May 11, 2020 6:16:00 PM EAT

David Kostin told : “I would just remind you that in 2008 in the fourth quarter there were many different rallies…but the market did not bottom until March of 2009,” External link

marketwatch Saturday, April 11, 2020 6:42:00 PM EAT

David Kostin said : “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times -- but the market did not bottom until March of 2009” External link

ibtimes Wednesday, April 8, 2020 11:56:00 PM EAT

David Kostin said : “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times -- but the market did not bottom until March of 2009” External link

ibtimes Wednesday, April 8, 2020 6:26:00 PM EAT

David Kostin said : "There's no all clear bell that rings in terms of when this is over," "Clearly there's some industries that are going to be hard pressed" External link

cnbc Wednesday, April 8, 2020 3:48:00 PM EAT

David Kostin disse : "O risco de queda é maior do que a oportunidade de alta a partir deste momento" External link

uol Wednesday, April 8, 2020 6:13:00 AM EAT

David Kostin said : “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times — but the market did not bottom until March of 2009,” External link

forbes Wednesday, April 8, 2020 1:41:00 AM EAT

David Kostin said : “Bear markets are often punctuated by sharp bounces before resuming their downward trajectory,” External link

forbes Tuesday, March 31, 2020 10:39:00 PM EAT

David Kostin said : “Bear markets are often punctuated by sharp bounces before resuming their downward trajectory,” External link

forbes Tuesday, March 31, 2020 7:23:00 PM EAT

David Kostin said : "A three-part checklist for a sustained rally: (1)Slowing viral spread; (2) Evidence that fiscal and monetary policy stimulus is working; and (3) A bottoming in investor positioning and flows," External link

cnbc Monday, March 30, 2020 2:58:00 PM EAT

David Kostin said : “As liquidity in the credit markets falls, companies with the strongest balance sheets are in the best position to weather the negative cash flow resulting from the economic shutdown,” External link

theglobeandmail Tuesday, March 24, 2020 2:32:00 AM EAT

David Kostin warned : “If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained,” External link

ibtimes Monday, March 23, 2020 5:29:00 PM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 12:49:00 PM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 9:28:00 AM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 7:02:00 AM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 2:53:00 AM EAT

David Kostin said : "If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," External link

cnbc Monday, March 23, 2020 1:48:00 AM EAT

David Kostin wrote : “After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end,” “Investors have cut their equity positions in recent weeks, but not to levels reached at the trough of other major corrections this cycle” External link

ibtimes Wednesday, March 11, 2020 6:42:00 PM EAT

David Kostin wrote : “Investors should prepare for a longer period of virus-related uncertainty and position portfolios for the range of possible macroeconomic implications of the outbreak,” External link

ibtimes Wednesday, March 11, 2020 6:42:00 PM EAT

David Kostin warned : "After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end," "Both the real economy and the financial economy are exhibiting acute signs of stress" External link

cnbc Wednesday, March 11, 2020 6:23:00 PM EAT

David Kostin warned : "After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end," "Both the real economy and the financial economy are exhibiting acute signs of stress" External link

cnbc Wednesday, March 11, 2020 5:51:00 PM EAT

David Kostin warned : "After 11 years, 13% annualized earnings growth and 16% annualized trough-to-peak appreciation, we believe the S&P 500 bull market will soon end," External link

cnbc Wednesday, March 11, 2020 4:21:00 PM EAT

David Kostin wrote : "Both the real economy and the financial economy are exhibiting acute signs of stress," External link

cnbc Wednesday, March 11, 2020 4:21:00 PM EAT

David Kostin added : "Domestic business activity outside of those sectors is also likely to be weaker than we originally forecast, as underscored by reduced or withdrawn guidance from a number of firms in recent weeks," External link

cnbc Wednesday, March 11, 2020 4:21:00 PM EAT

David Kostin wrote : "Under the surface of the S&P 500 decline, the sector performance has been orderly," External link

CBSnews Monday, March 9, 2020 7:11:00 PM EAT

David Kostin wrote : “U.S. companies will generate no earnings growth in 2020,” External link

theglobeandmail Wednesday, March 4, 2020 12:51:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 12:17:00 PM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 10:04:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 9:27:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 7:19:00 AM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Friday, February 28, 2020 2:33:00 AM EAT

David Kostin warned : “U.S. companies will generate no earnings growth in 2020,” External link

ibtimes Friday, February 28, 2020 12:59:00 AM EAT

David Kostin said : “Our reduced forecasts reflect the severe decline in Chinese economic activity in the first quarter, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in U.S. economic activity, and elevated uncertainty,” External link

theglobeandmail Friday, February 28, 2020 12:39:00 AM EAT

David Kostin said : “Our new baseline earnings forecasts assume the impact of COVID-19 on S&P 500 earnings per share is ultimately short-lived,” External link

theglobeandmail Friday, February 28, 2020 12:39:00 AM EAT

David Kostin said : “As a result, the path of earnings will likely be weak in the first half of 2020 but largely offset by solid growth in the second half of 2020 and 2021,” External link

theglobeandmail Friday, February 28, 2020 12:39:00 AM EAT

David Kostin said : “Our reduced forecasts reflect the severe decline in Chinese economic activity in the first quarter, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in U.S. economic activity, and elevated uncertainty,” External link

theglobeandmail Thursday, February 27, 2020 11:53:00 PM EAT

David Kostin said : “Our new baseline earnings forecasts assume the impact of COVID-19 on S&P 500 earnings per share is ultimately short-lived,” External link

theglobeandmail Thursday, February 27, 2020 11:53:00 PM EAT

David Kostin said : “As a result, the path of earnings will likely be weak in the first half of 2020 but largely offset by solid growth in the second half of 2020 and 2021,” External link

theglobeandmail Thursday, February 27, 2020 11:53:00 PM EAT

David Kostin wrote : “Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, disruption to the supply chain for many U.S. firms, a slowdown in U.S. economic activity, and elevated business uncertainty,” External link

thehill Thursday, February 27, 2020 7:46:00 PM EAT

David Kostin wrote : “A more severe pandemic could lead to a more prolonged disruption and a U.S. recession,” External link

thehill Thursday, February 27, 2020 7:46:00 PM EAT

David Kostin warned : “A more severe pandemic could lead to a more prolonged disruption and a US recession,” External link

forbes Thursday, February 27, 2020 6:58:00 PM EAT

David Kostin warned : “A more severe pandemic could lead to a more prolonged disruption and a US recession,” External link

forbes Thursday, February 27, 2020 6:58:00 PM EAT

David Kostin said : “Our reduced forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in U.S. economic activity, and elevated uncertainty,” External link

marketwatch Thursday, February 27, 2020 6:33:00 PM EAT

David Kostin said : “Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, disruption to the supply chain for many U.S. firms, a slowdown in U.S. economic activity, and elevated business uncertainty,” External link

nbcnews Thursday, February 27, 2020 5:33:00 PM EAT

David Kostin wrote : "Our reduced forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for U.S. exporters, supply chain disruption, a slowdown in US economic activity and elevated uncertainty," External link

marketwatch Thursday, February 27, 2020 5:32:00 PM EAT

David Kostin said : “A more severe pandemic could lead to a more prolonged disruption and a US recession,” External link

news-yahoo-in Thursday, February 27, 2020 5:25:00 PM EAT

David Kostin said : "Our reduced profit forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US firms, a slowdown in US economic activity, and elevated business uncertainty," External link

cnbc Thursday, February 27, 2020 4:24:00 PM EAT

David Kostin added : "A more severe pandemic could lead to a more prolonged disruption and a US recession," External link

cnbc Thursday, February 27, 2020 4:24:00 PM EAT

David Kostin wrote : “In order to avoid repeating the share price collapse experienced by their predecessors, today’s market cap leaders will need to at least meet -- and preferably exceed -- current consensus growth expectations,” “This time, expectations seem more achievable based on recent results and management guidance” External link

news-yahoo Monday, February 3, 2020 11:10:00 PM EAT

David Kostin wrote : "Today, the S&P 500 market cap is concentrated in the five largest stocks to a degree not witnessed since the peak of the Tech bubble," "Lower growth expectations, lower valuations, and a greater re-investment ratio suggest the current concentration may be more sustainable than it proved to be in 2000," External link

cnbc Monday, February 3, 2020 8:33:00 PM EAT

David Kostin wrote : "In order to avoid repeating the share price collapse experienced by their predecessors, today's market cap leaders will need to at least meet — and preferably exceed — current consensus growth expectations," "This time, expectations seem more achievable based on recent results and management guidance" External link

cnbc Monday, February 3, 2020 8:33:00 PM EAT

David Kostin said : “Investors should discount the likelihood that policies can actually be adopted,” “Recent history has shown that U.S. equities react more to policy implementation than election outcomes,” External link

news-yahoo Friday, November 1, 2019 11:31:00 PM EAT

David Kostin said : “few pockets of the equity market appear to be reflecting substantial policy risk” External link

news-yahoo Friday, November 1, 2019 11:31:00 PM EAT

David Kostin noted : “confluence of factors is likely involved.” External link

news-yahoo Friday, November 1, 2019 11:31:00 PM EAT

David Kostin said : "U.S. equity funds have experienced $100 billion of outflows year-to-date," External link

forbes Wednesday, October 30, 2019 8:21:00 AM EAT

David Kostin said : "U.S. equity funds have experienced $100 billion of outflows year-to-date," External link

forbes Wednesday, October 30, 2019 8:21:00 AM EAT

David Kostin said : “Companies with those two criteria typically outperform the market over three years,” External link

WashingtonPost Thursday, September 26, 2019 3:44:00 PM EAT

David Kostin told : “With the 10-year Treasury yield at just 1.5 percent and the Fed likely to cut two more times this year, investors should look for opportunities in dividend stocks” External link

news-yahoo Wednesday, August 28, 2019 6:46:00 PM EAT

David Kostin explains : “Services stocks have less exposure to trade conflict given they have lower foreign input costs that might be subject to tariffs and lower non-US sales than Goods firms,” External link

news-yahoo Wednesday, August 28, 2019 6:46:00 PM EAT

David Kostin said : "The ongoing trade dispute between the U.S. and China appears to have escalated into a full-blown economic conflict," External link

ibtimes Tuesday, August 13, 2019 4:09:00 AM EAT

David Kostin told : “The basket typically outperforms in weakening growth environments as investors assign a scarcity premium to firms that are able to expand ROE despite index-level headwinds,” External link

news-yahoo Sunday, August 4, 2019 3:20:00 PM EAT

David Kostin added : “We, therefore, expect that 2019 EPS growth will equal 3 percent, the low end of the range,” External link

ibtimes Tuesday, July 30, 2019 5:49:00 PM EAT

David Kostin noted : “The dovish Fed pivot has driven the equity market rally in 2019, and we expect low-interest rates will continue to support above-average valuations going forward,” External link

ibtimes Tuesday, July 30, 2019 5:49:00 PM EAT

David Kostin wrote : "Unless earnings growth accelerates materially, companies will likely continue to fund spending by drawing down cash balances and increasing leverage," External link

cnbc Monday, July 29, 2019 8:40:00 PM EAT

David Kostin wrote : "Unless earnings growth accelerates materially, companies will likely continue to fund spending by drawing down cash balances and increasing leverage," External link

cnbc Monday, July 29, 2019 7:35:00 PM EAT

David Kostin says : "The path forward for index Return on Equity is likely to be challenging, although lower interest rates and lower tax rates may provide support...we believe policy uncertainty and negative revisions to 2020 EPS forecasts will limit equity upside," External link

cnbc Monday, July 22, 2019 8:38:00 PM EAT

David Kostin said : "The path forward for index return on equity is likely to be challenging, although lower interest rates and lower tax rates may provide support," External link

cnbc Monday, July 22, 2019 8:38:00 PM EAT

David Kostin said : "We forecast flat S&P 500 margins through 2020, with risks tilted to the downside. ... Amid concerns about the growth and profitability outlook this year, investors have assigned a premium to companies able to expand ROE," External link

cnbc Monday, July 22, 2019 8:38:00 PM EAT

David Kostin says : "The path forward for index Return on Equity is likely to be challenging, although lower interest rates and lower tax rates may provide support...we believe policy uncertainty and negative revisions to 2020 EPS forecasts will limit equity upside," External link

cnbc Monday, July 22, 2019 4:36:00 PM EAT

David Kostin said : "The path forward for index return on equity is likely to be challenging, although lower interest rates and lower tax rates may provide support," External link

cnbc Monday, July 22, 2019 4:36:00 PM EAT

David Kostin said : "We forecast flat S&P 500 margins through 2020, with risks tilted to the downside...Amid concerns about the growth and profitability outlook this year, investors have assigned a premium to companies able to expand ROE," External link

cnbc Monday, July 22, 2019 4:36:00 PM EAT

David Kostin says : "What new, incremental information are we going to get to push the market higher? The answer is, not a lot," External link

cnbc Tuesday, July 9, 2019 8:57:00 PM EAT

David Kostin says : "A lot of that rise in the market, in my estimation, is already behind us," External link

cnbc Tuesday, July 9, 2019 8:57:00 PM EAT

David Kostin said : "Combining the tailwind to valuations from falling interest rates and the headwinds from weak growth and high uncertainty, a macro model indicates that the S&P 500 currently trades near fair value," External link

cnbc Wednesday, July 3, 2019 5:00:00 PM EAT

David Kostin says : "Rising market concentration and the political landscape suggest that regulatory risk will persist and could eventually weigh on company fundamentals," External link

cnbc Monday, June 17, 2019 7:23:00 PM EAT

David Kostin said : "History shows that stocks with the highest EV/sales ratios typically underperform peers over the long term. In general, these firms deliver the same upside as cheaper stocks when beating growth estimates, but more downside when missing forecasts, " External link

cnbc Monday, June 17, 2019 7:23:00 PM EAT

David Kostin said : "valuations and share prices declined between lawsuit filing and resolution," "The cases took years to resolve, and sales growth slowed following resolution" External link

cnbc Monday, June 17, 2019 7:23:00 PM EAT

David Kostin said : "Rising market concentration and the political landscape suggest that regulatory risk will persist and could eventually weigh on company fundamentals," External link

cnbc Monday, June 17, 2019 4:46:00 PM EAT

David Kostin said : "History shows that stocks with the highest EV/sales ratios typically underperform peers over the long term. In general, these firms deliver the same upside as cheaper stocks when beating growth estimates, but more downside when missing forecasts," External link

cnbc Monday, June 17, 2019 4:46:00 PM EAT

David Kostin said : "valuations and share prices declined between lawsuit filing and resolution," "The cases took years to resolve, and sales growth slowed following resolution" External link

cnbc Monday, June 17, 2019 4:46:00 PM EAT

David Kostin wrote : "If the Fed does cut rates, the S&P 500 usually rallies afterward, with health care and consumer staples outperforming and information technology consistently lagging," External link

cnbc Monday, June 10, 2019 4:17:00 PM EAT

David Kostin added : "Few precedents exist during the past 30 years where futures discounted an interest rate cut 30 days prior to a scheduled FOMC meeting but the Fed did not cut," External link

cnbc Monday, June 10, 2019 4:17:00 PM EAT

David Kostin wrote : "We advocated for owning strong balance sheet stocks as the Fed consistently tightened policy during 2017 and 2018. However, the Fed's dovish pivot this year and the nearly unprecedented valuation premium of strong balance sheet stocks led us to adopt a more neutral posture in February," External link

cnbc Monday, June 10, 2019 4:17:00 PM EAT

David Kostin said : "Tariffs pose a greater risk to company profit margins than do sales," External link

cnbc Friday, May 24, 2019 8:50:00 PM EAT

David Kostin said : "The escalation in trade tensions has also likely supported recent relative fund returns," External link

cnbc Wednesday, May 22, 2019 7:31:00 PM EAT

David Kostin wrote : "Despite these tailwinds, broad-based positive 2019 EPS revisions will likely require a pickup in economic growth or improved pricing," External link

cnbc Monday, May 20, 2019 4:37:00 PM EAT

David Kostin writes : "Services firms are less exposed to trade policy and have better corporate fundamentals than goods companies and should outperform even if the trade tensions are ultimately resolved, as our economists expect," External link

news-yahoo Monday, May 13, 2019 9:29:00 PM EAT

David Kostin said : "We are thinking about some of the drivers of profit growth going forward, and we are looking at some of the communication services stocks," External link

cnbc Tuesday, May 7, 2019 9:58:00 PM EAT

David Kostin said : "Firms boosted total cash spending by 25% to $2.8 trillion in 2018. However, investors have not rewarded most forms of cash spending during the past 12 months," External link

cnbc Monday, April 29, 2019 6:05:00 PM EAT

David Kostin writes : "Mounting pressures from wage inflation and other input costs will pressure margins, making further expansion from currently all-time high margins unlikely," External link

news-yahoo Tuesday, April 2, 2019 12:04:00 AM EAT

David Kostin wrote : “S&P 500 returns will be more modest and micro-driven in the near-term,” “We recommend investors focus on relative value and idiosyncratic alpha opportunities” External link

news-yahoo Monday, February 18, 2019 10:55:00 AM EAT

David Kostin argued : “the risk-reward has recently become less favorable,” External link

hellenicshippingnews Tuesday, February 12, 2019 11:06:00 PM EAT

David Kostin said : “We no longer have conviction that the relative outperformance of strong balance sheet stocks will continue in the near term,” External link

hellenicshippingnews Tuesday, February 12, 2019 11:06:00 PM EAT

David Kostin wrote : “Recent equity market performance implies a more dramatic slowdown than our baseline,” External link

news-yahoo Tuesday, December 11, 2018 2:34:00 AM EAT

David Kostin said : “Cash will represent a competitive asset class to stocks for the first time in many years,” External link

theglobeandmail Saturday, December 8, 2018 2:38:00 AM EAT

David Kostin said : “We recommend mixed-asset investors recalibrate their portfolios by reducing equity holdings and lifting cash allocations,” External link

theglobeandmail Saturday, December 8, 2018 2:38:00 AM EAT

David Kostin said : "During periods of modest economic growth, investors gravitate to the scarce commodity: stocks with secular growth prospects," External link

4-traders Sunday, July 30, 2017 3:27:00 AM EAT

David Kostin wrote : "Stocks with the highest effective tax rates will be the clearest beneficiaries of any potential tax reform," External link

cnbc Friday, February 10, 2017 12:51:00 AM EAT

David Kostin wrote : "Record-high equity prices and low volatility suggest investors are focused on the potential for better economic growth instead of the risks implied by elevated policy uncertainty," External link

cnbc Monday, January 30, 2017 10:38:00 PM EAT

David Kostin said : "Several investor categories have debt allocations that are currently at the lowest level in 30 years," "Debt holdings of these investors may decline further, but a more likely outcome is that bond holdings and allocations remain unchanged and debt as a share of the portfolio falls only to the extent equities appreciate" External link

cnbc Tuesday, January 10, 2017 10:16:00 PM EAT

David Kostin said ( about Mr Trump ) : "Congressional deficit hawks may constrain Mr. Trump's tax reform plans, and the (earnings) boost investors expect may not materialize," External link

cnbc Wednesday, November 30, 2016 9:51:00 PM EAT

David Kostin wrote : "Policy uncertainty introduces a degree of instability to our 2017 forecast that has been absent in recent years," "Uncertainty always exists when forecasting, but our projections for next year have more elements of instability than usual" External link

cnbc Wednesday, November 30, 2016 9:51:00 PM EAT

David Kostin wrote : "While near-term drug stocks may benefit from a relief rally, we still expect that drug pricing may remain a bipartisan issue and any changes to Obamacare may be drawn out," External link

cnbc Tuesday, November 29, 2016 8:49:00 PM EAT

David Kostin said : "We expect firms will increase cash spending allocated to investing for growth (capex, R&D and M&A) by 6 percent to $1.3 trillion while cash returned to shareholders (buybacks and dividends) will rise by 19 percent to $1.2 trillion," External link

cnbc Monday, November 21, 2016 8:06:00 PM EAT

David Kostin said : "We expect firms will increase cash spending allocated to investing for growth (capex, R&D, and M&A) by 6 percent to $1.3 trillion while cash returned to shareholders (buybacks and dividends) will rise by 19 percent to $1.2 trillion," External link

cnbc Monday, November 21, 2016 6:54:00 PM EAT

David Kostin said : "We expect the equity market response to the election result will be limited," External link

sltrib Thursday, November 10, 2016 2:55:00 AM EAT

David Kostin said : "Firms with the most consistently positive EPS revisions from 2011 to 2016 bought back more stock and reduced share count by more than the usual S&P 500 company, expanded margins and had more positive sales revisions than the typical firm," External link

cnbc Monday, October 31, 2016 9:56:00 PM EAT

David Kostin wrote : "The candidates would likely look toward corporate tax reform, particularly on untaxed foreign profits, to fund their expansionary fiscal policies," External link

cnbc Tuesday, October 18, 2016 12:52:00 AM EAT

David Kostin concludes : "A poor earnings season could pressure stocks, sending the market index lower and pushing investors back toward defensives," "Additional negative EPS revisions and rising uncertainty in advance of the presidential election add to the case for defensive firms" External link

bloomberg Monday, October 10, 2016 5:06:00 PM EAT

David Kostin said : “Our buyback desk estimates that gross share buybacks in third quarter 2016 will be 15% lower than in second quarter 2016,” External link

marketwatch Saturday, October 8, 2016 9:53:00 PM EAT

David Kostin wrote : "Regardless of victor, the most likely policy outcome of the election is increased fiscal spending," "We recommend clients vote with their wallets and focus on the likely beneficiaries" External link

cnbc Monday, September 26, 2016 7:54:00 PM EAT

David Kostin wrote : "Regardless of victor, the most likely policy outcome of the election is increased fiscal spending," "We recommend clients vote with their wallets and focus on the likely beneficiaries" External link

cnbc Monday, September 26, 2016 7:22:00 PM EAT

David Kostin wrote : "The historical relationship between ROE and P/B shows investors typically penalize falling profitability with lower valuation," External link

cnbc Monday, September 19, 2016 8:57:00 PM EAT

David Kostin wrote : "We forecast the S&P 500 will follow a 'fat and flat' trajectory over the next 12 months and finish at 2175, roughly 2 percent above the current level," External link

cnbc Monday, September 12, 2016 6:23:00 PM EAT

David Kostin wrote : "Managements expressed concern that consumers will postpone spending due to rising political and economic uncertainty. However, financial firms noted an improvement in household balance sheets," External link

cnbc Friday, August 12, 2016 8:35:00 PM EAT

David Kostin wrote : "Buybacks have decelerated since the start of 2Q given reduced authorizations and high stock valuations. We expect further near-term deceleration," External link

cnbc Monday, August 1, 2016 9:34:00 PM EAT

David Kostin said : "Bottom-up consensus estimates suggest that S&P 500 adjusted EPS will fall by 3 percent year/year in 2Q 2016," "We expect that growth using operating EPS, S&P's preferred metric, will also be negative, marking the seventh consecutive quarter with negative EPS growth. This has never happened [since 1967] outside of an economic recession" External link

cnbc Monday, July 11, 2016 7:39:00 PM EAT

David Kostin said : “The coming months will see a continuation of the recent slow growth, low interest rate environment along with a rise in uncertainty stemming from Brexit and the November elections,” External link

marketwatch Wednesday, July 6, 2016 10:34:00 PM EAT

David Kostin wrote : "The coming months will see a continuation of the recent slow growth, low interest rate environment along with a rise in uncertainty stemming from Brexit and the November elections," External link

cnbc Wednesday, July 6, 2016 6:21:00 PM EAT

David Kostin said : “We now estimate gross equity demand of $500 billion and overall U.S. equity net demand. Inflows into equity mutual funds and ETFs—and by extension demand for shares—will be less than we had originally forecast,” External link

hellenicshippingnews Tuesday, June 21, 2016 9:07:00 PM EAT

David Kostin said : “The January correction sparked ETF outflows of $21 billion during the first two months of the year,” External link

hellenicshippingnews Tuesday, June 21, 2016 9:07:00 PM EAT

David Kostin said : “History suggests that foreign purchases of U.S. equities are lower during periods of a strengthening U.S. dollar than when the U.S. dollar is weakening,” External link

hellenicshippingnews Tuesday, June 21, 2016 9:07:00 PM EAT

David Kostin wrote : "Firms with the highest operating leverage will benefit most from improving activity and the associated pickup in sales growth," External link

cnbc Monday, June 13, 2016 4:06:00 PM EAT

David Kostin wrote : "We believe fund managers should look past the great rate debate and pay attention to the strengthening U.S. dollar relative to the China RMB," External link

cnbc Monday, June 6, 2016 6:17:00 PM EAT

David Kostin said : "When we think about what happened at the start of this year, investors were pushing back the probability of a rate hike," External link

sltrib Friday, May 27, 2016 10:38:00 AM EAT

David Kostin said : "That performance is entirely consistent with the increasing risk of the Fed tightening," External link

sltrib Friday, May 27, 2016 10:38:00 AM EAT

David Kostin said : "The macroeconomic theme will work, in my opinion, the problem is the valuation gap," "By definition, investors are less enthusiastic when the gap is that wide" External link

sltrib Friday, May 27, 2016 10:38:00 AM EAT

David Kostin said : "Diversified fund managers who are currently underweight REITs are unlikely to suddenly move to a market weight position in real estate just because the industry group is reclassified as a sector," External link

cnbc Wednesday, May 25, 2016 11:28:00 PM EAT



Key Titles and Phrases Count Lang Last Seen
analyst4.44%EN11/22/201722/11/2017
strategist48.89%EN10/25/201725/10/2017
economist8.89%EN08/01/201701/08/2017
chief u.s.25.56%EN07/30/201730/07/2017
chief3.33%EN12/09/201609/12/2016
head1.11%EN07/08/201608/07/2016
chief u7.78%EN11/27/201327/11/2013
Names Lang Count
David KostinEN85.42%
David KostinDE10.42%
David KostenEN2.08%
David KostinPT2.08%


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