Nicholas Colas - ConvergeX


Last quote by Nicholas Colas

I've never seen so big of a divergence in my 30 years in investing. They do have technology, but even this year small cap tech is up 13 percent. Big cap tech up 32 percent. That gives you a sense of the disparity between these two kinds of
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Nov 07 2017
Nicholas Colas has been quoted in 52 different articles. Most recently, Nicholas Colas has been quoted saying, “Roughly 15 percent of the S&P 500 is in five names [Apple, Microsoft, Amazon, Facebook, Alphabet]. Those are global disruptor names. They really play out an entire theme around technology disrupting every kind of business around the world. ... The small caps don't have any of that kind of exposure.” in an article called This growing market disparity is one of the 'Achilles heels of indexing, ' strategist says. This is only one of 75 quotes from Nicholas Colas. To see more examples Nicholas Colas’s views and opinions, check out the section below. You can filter Nicholas Colas's quotes by date and by topic to see, for example, what Nicholas Colas said about Europe recently and in the past.
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Nicholas Colas quotes

May 04 2017 - Federal Reserve

The simplest answer is that the Federal Reserve is fundamentally mistaken about the state of the U.S. economy. Its commentary [on Wednesday] shrugged off both a weak Q1 GDP print and the subpar March jobs

Apr 28 2017

Pretty much everyone out there is making money. Or at least not

Apr 28 2017

Considering there are almost 2,000 in the U.S. marketplace alone, that is a lot of different styles, sectors, asset classes, that are all working. They're all flat on the year or up on the year, with only a small minority down. This is just one exemplar that says, Money is pushing into basically

Apr 24 2017

I think you're just seeing a snapback rally after some concern about the outcome from the election. We have a very narrow leadership market, mostly in tech. Fairly high valuations and, until today, a 20-year bond that had done better than small- and mid-cap stocks. So, there was a lot of questions about this rally to this

Apr 24 2017

Earnings this quarter will be about 9.2 percent growth year-over-year, the highest since the fourth quarter of 2011. So, we've finally broken out of the very slow earnings growth cycle into something a little bit

Apr 12 2017

Its been a dismal backdrop in a dismal environment for active. The numbers prove that. Does that mean that environment will last forever? Markets always go in

Mar 30 2017

As correlations drift lower, different sectors will tend to show greater price and performance

Mar 28 2017 - Trumpcare

Like it or not (and we get email in both directions every day), US President Donald Trump represents the latest iteration of the Hero's Journey when it comes to determining asset prices. We have essentially traded the typical Fed-Hero of the last few decades for the current President's economic agenda. That is why equity markets were so forgiving [Monday] over Friday's failure to bring the American Health Care Act to a vote in the House – simply put, heroes don't win every

Mar 22 2017

US equities have been priced for perfection since the start of 2017 and [Tuesday] was a rude reminder that the legislative process is imperfect on even its best

Mar 17 2017

You can somewhat view small-caps as a bit of a proxy for confidence in the tax reduction piece of the Trump economic

Mar 01 2017 - Commonwealth

In the near term, equities are fine because there's a lot of enthusiasm behind it. Is it sustainable? That's the ultimate question. It depends 100 percent on what happens in Washington, how much of the Trump agenda gets through and at what

Mar 01 2017 - Commonwealth

You can totally understand why this is where it is considering the market action. What's hard about interpreting it against 30 years of history is you have a very unusual period in economic and political history now, so you have to throw out the usual

Feb 15 2017

I hear lots of skepticism about the 2017 'Trump rally.' Valuations are stretched. U.S. equity markets are putting too much faith in an as-yet-unproven presidential administration. Stocks are whistling past the proverbial graveyard. If you disagree with the underpinnings of the rally, that's fine. Pick your objections, find the catalysts that will make the market see things your way, and then wait. Your time will come. It just isn't

Feb 15 2017

For the trader – someone interested in catching short-term moves in equity prices – none of this matters because their only choices are to participate or sit this one out. Realistically, that second option is barely a possibility. When there is money to be made on the long side, it takes a herculean level of willpower to stay on the

Feb 13 2017

I think the first lift-off in small-caps happened because of the excitement over Trump's tax plan. Year to date, it's a different story. That's why you're seeing large caps outperform this

Feb 13 2017

It's really a big

Feb 13 2017

For the entire time from the financial crisis through the election last year, assets in the U.S. market all traded largely the same

Feb 09 2017

No one really trusts the rally, the positive sentiment or the low volatility. Everyone is waiting for the next shoe to drop. But without a clear market catalyst for a pullback, we will drift

Feb 09 2017

This Trump trade is getting so long in the truth. It doesn't feel like there's any motion in it. … Everybody is asking the same question – when are we going to see something actionable on taxes, infrastructure and

Feb 09 2017

Every new administration has its hiccups and false starts so I think everyone is giving Trump a pass, but at some point the honeymoon is

Jan 19 2017

The missing piece is going to be more active managers outperforming. That's going to take time only because we literally just had the breakdown in correlations two months ago. Investors will want to see at least a quarter or two of outperformance before they start shifting

Jan 19 2017

If you use the magazine headline indicator, then certainly we are at peak passive. Everyone has chiseled out the tombstone for active

Jan 09 2017

In some ways Brexit is a case study for what the effects of the dissolution of the euro might be. It was the first domino to fall back last year, even before Trump won the election and in some ways it is the

Jan 03 2017

You kind of win if you get inflation kicking in and you kind of win if industrial production picks up as well, so you get a two for

Jan 03 2017

Be aware that a lot of policymakers don't like high-denomination bills. So if you want to have a little nest egg of $100 bills, you might as well do it now, because who knows what happens a year or two or three from

Dec 29 2016 - Bitcoin

It's hard to say what was the breakthrough year or if we've had a breakthrough year yet. Certainly in price terms, this has been a pretty impressive year. But in terms of broad mass market adoption, it's still to

Dec 29 2016 - Bitcoin

It is one tool that many people around the world use to try to preserve wealth. Bitcoin has gone from being just a nerd's version of gold years ago to now being another thing people do to try to hold onto their

Dec 21 2016

You may have a playbook, but "you may still lose the

Dec 15 2016 - Federal Reserve

Put another way, the Federal Reserve has actually not changed its basis perspective on the trajectory for interest rates through 2017 in the back half of 2016. A little nip here, a tiny tuck there … But (Wednesday's) change was far from a radical redo of its

Dec 09 2016

And since most investors don't have a lot of money on the sidelines, they are expressing these views by selling losers [tech and utilities] to buy the new market

Dec 09 2016

Now, we have a brand-new paradigm that is actually the same as the old [pre-crisis] paradigm. Since President-elect Donald Trump's surprise win, investors have been hustling to identify new macro trends [higher interest rates, primarily] and unlock potential winners [financials, industrials, materials and health care, for the most part].feedback

Dec 09 2016

One month, however good, is not enough time to know for sure. But you have to start somewhere, even in the curse-breaking

Dec 09 2016

Lower correlations signal that investors are actively choosing winners and losers more aggressively than at any point since the financial

Dec 09 2016

The second thing is, options might not be the best way to play it. You might want to buy the underlying asset because sometimes it takes one quarter or two quarters to get that bounce back through fundamentals or reversion to the

Nov 29 2016

The next few quarters are setting up as a cyclical investor's dream, but like all dreams, they require some

Nov 21 2016

The industry is looking for further consolidation, and the current structure of regulation didn't allow all that consolidation to occur this

Nov 21 2016

The hope is that the next administration is going to allow some consolidation to occur, and hence this group works. But we think it's probably overbought right here; we'd wait for a pullback before getting

Nov 09 2016 - Federal Reserve

The Federal Reserve may well decide we don't want to raise rates in such an uncertain

Oct 27 2016

The bottom line is that, like a fire hose, a high-pressure economy is hard to control. And while it is a historically rare occurrence, a cold dousing for U.S. stocks and bonds may be one of its unintended

Oct 12 2016

If you historically can outperform by picking the right sectors, this (correlation) tells you, you have to be more dramatically underweight or

Sep 30 2016

The upshot of all this is that the US economy isn't really accelerating; it may, if items like the pickup truck data or the Gallup spending information, be slowing a little. There may be some core inflation, but everyday items like food are showing deflationary pressures. If you tore up the Fed's usual briefing books and indicators, would you see enough reason for a rate hike in December?feedback

Sep 30 2016

Sometimes the official data is fine, but we think it never hurts to triangulate against other signposts we see on the road. (Conventional) wisdom is sometimes wrong, after

Sep 28 2016

Why should U.S. equities overall be up 5-12 percent and banks stocks only flat on the year? Readers with long memories will remember other times when markets had skewed perceptions of financial stock valuations, either for good (2007) or bad (2000). Neither ended up working out especially well. I would argue that large cap financials either need to start working better, or the market overall has a

Sep 27 2016

If you look at the VIX of the health care group, it's currently running around 12 percent, very low levels and near the lows of the last 12 months. And if you go back to last October, it was 30

Aug 11 2016

Gold, like Paris, is always a good idea but we worry that too much of the recent move has come from ETF demand. What the margin clerk giveth, he or she also taketh

Aug 08 2016

When a cluster of high-profile hedge fund and long-biased managers go out of their way to give dire warnings about the U.S. equity market with stocks sitting at or near all-time highs, any sensible investor needs to pay attention. These are people with access to information that most market participants could only dream of

Aug 01 2016

They had to live through some choppiness in the first half of the year, adding that the payoff came at the end of July, when the tech

Jul 25 2016

The nature of this breakout in the S&P tells me that it's as much or more about earnings. We've had five straight down quarters of earnings, and Q3 is supposed to be the breakout quarter back to the upside with further growth in Q4 and into next year. So it all lines up to tell me that earnings growth is actually the more important factor and we need to see that come through in

Jul 18 2016

Stocks, in short, are the new bonds. With a yield on the S&P 500 of 2.13 percent versus 10-year Treasurys at 1.56 percent, they provide a superior

Jul 01 2016

In the back half of last year when gold was really falling off a cliff and threatening to break $1,000, there was a lot of negative press, folks stepped in and bought physical coins from the U.S. Mint at levels we haven't seen since

Jul 01 2016

The stock investor should take a lesson from the gold investor and really believe in the asset a little more strongly and buy when it's down, because that tends to be where you make

Jul 01 2016

Both parties will host their nominating conventions and market participants will start looking for winners and losers in asset classes, sectors and individual stocks. Brexit was a warning sign that calling political outcomes is harder than it

Jul 01 2016

Right now many analysts expect the second half of the year to show better revenue and earnings comparisons versus the first half. A lot of that optimism was predicated on a weaker dollar. Now, the world has changed and a weaker dollar seems off the table. Will underlying fundamentals pick up the slack?feedback

Jul 01 2016

It's one thing to buy things on the cheap. That gives you a cushion. But no one considers this equity market

Jun 14 2016

Markets I think have really been caught off guard by the recent trend towards polling that says Brexit leave is preferable to Brexit remain among likely

Jun 14 2016

Five years ago the stock market went up together and everything went up together, or it went down together and everything went down together. And that was really unhealthy because it meant there was no value in

Jun 13 2016

It seems like the VIX is trying to measure not just one or two events, but five or six, and that's really the problem

Jun 08 2016

In the end, the resurrection of this group will have to come from one place, and one place alone: all those clever people who run the

Jun 08 2016

The key takeaway from both this final point and the piece as a whole is that financials will likely remain a tough place to make outsized returns. Regulatory burdens are a piece of that, to be sure, and in the absence of a change in Washington that drag seems likely to

Jun 08 2016

In any given year, at least one institution has been singled out for deficiencies and the 2016 reviews will likely follow that

May 25 2016

Still, the marriage of a low-yield investment environment and a low-growth but stable domestic economic environment seems tailor-made for real estate. This may not be layup, but it's not a three-point shot at the buzzer

Mar 17 2016

The 'dot plot' ... is much better anchored to market realities than the March 2015 version. At the same time, fed funds futures markets are still skeptical that the Fed has it

Nov 16 2015

While the attack was in Europe, stocks all around the world will see pressure on

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