Stocks may appreciate if macro risks fade
In an unusual divergence, corporate earnings improved in 2011 even as stock valuations became cheaper, setting up the possibility that valuations can rise if markets become more confident in the macroeconomic environment.
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Aaron M. Cooper D. William Kohli Robert J. Kea, CFA Norman P. Boucher, Portfolio Manager, and Paul D. Scanlon, CFA Christian J. Galipeau Joshua M. Cummings, CFA, Analyst | Christopher J. Eitzmann, Analyst | Greg Kelly, Analyst Simon Davis and Shep Perkins, CFA Daniel Farrell David L. Glancy Daniel J. Graña Darren A. Jaroch David Morgan Robert D. Ewing, D. William Kohli Putnam Fixed Income Team Ferat Ongoren Gerard P. Sullivan Jason R. Vaillancourt, CFA Jacquelyne J. Cavanaugh Joanne M. Driscoll Onsel Emre, Ph.D. Joseph P. Joseph Joseph P. Joseph and Randy J. Farina Joykrishna Mahato Jeffrey B. Sacknowitz Kelsey Chen Kevin F. Murphy D. William Kohli, Michael V. Salm, and Paul D. Scanlon, CFA Michael J. Atkin Matthew F. Beaudry Thalia H. Meehan, CFA, and Paul M. Drury, CFA Michael V. Salm, Co-Head of Fixed Income; and Brett S. Kozlowski, CFA and Kevin F. Murphy, Portfolio Managers Michael P. Wands, CFA Michael V. Salm Christian J. Galipeau | Brendan T. Murray | Seamus S. Young, CFA, Investment Directors Paul D. Scanlon Putnam Global Asset Allocation Team Putnam Investments Putnam Tax Exempt Fixed Income Team Putnam U.S. Equities Team Putnam Portfolio Managers Robert M. Brookby Robert D. Ewing Randy J. Farina Robert D. Ewing, CFA, Co-Head of U.S. Equities, and Shep Perkins, CFA, Co-Head of International Equities Robert L. Reynolds Robert L. Salvin Michael V. Salm, Co-Head of Fixed Income, and Brett S. Kozlowski, CFA Sarah A. Marshall Paul D. Scanlon, CFA, Co-Head of Fixed Income | T.L. Tsang, CFA, Analyst Scott C. Sipple Steven W. Curbow Simon Davis Shep Perkins Robert L. Davis, CFA, Analyst, and Simon Davis Thalia Meehan Vivek Gandhi Walter D. Scully Izzet Yildiz, Ph.D., Analyst | Michael J. Atkin, Portfolio Manager | Jo Anne Ferullo, Senior Investment Director