How does one approach equity at an all-time high?
As humans, our brains are wired to react badly to negative news rather than react well to positive news. This has a natural implication for us as investors, in the equity markets. We, as investors tend to panic when the markets fall and this worries us more than the joy we get when our portfolios are doing well and our returns compound.
However, there is a very interesting trend in the equity markets that make us worry as our returns increase – and this is the noise we hear around the markets correcting a lot as the valuations reach an all-time high. Combining the two, equity markets is the only place where we worry or panic during a bear market, which makes us jittery to stay invested. And so do we worry as markets hit all-time highs as we are concerned about an impending correction around the corner. It’s this dichotomy that we as investors are faced with every year in the markets.
When faced with a dichotomy, it always helps to zoom out a bit and look at data for comfort around what we can learn from history.
The table below gives an overview of S&P returns (a proxy for US markets) over the last 80 years. The highlighted buckets list the number of highs the market makes each year. There are two important takeaways that I would like an investor to take away from the table.
a) New highs in the market happen around clusters in the last decades.
b) There have been an impressive 50 new highs in S&P 500 in 2021. The highest one has ever seen was back in 1995 where we saw 77 new highs.
The last decade (2010-2020) saw the same index fall by 20 per cent or more five times. It's important to realize that this is the very nature of markets, and not something which will change either in the future.
Graph 1: Historical representation over 100 years for the US Indices for new highs
![](data:image/png;base64,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)
Source: Factset Data
The reason US market data has been shown is one can go back longer in history to analyze the data.
It is important to realize that new highs in the market do not mean much in terms of being cautious or exiting the markets or taking money off the table. A new high means two things
a) The expectation of growth is robust.
b) This will create a cycle of capital deployment and the two will reinforce each other positively.
During such times, the optimism is generally high, which is expected, and the discipline of an investor will often get tested. It's during such times, that going back to the basics of investing, where focus on cash flow growth (which is the true health of the business) will hold the investor in good stead to continue growing returns in their portfolios.
Today, when one looks at portfolios across holdings, be it self-managed, or professionally managed, the return numbers would be healthy. During such cycles, the allocation of new money generally becomes lax around risk-taking (this is akin to most accidents while driving on highways, and not on crowded roads).
There are three broad takeaways I would like an investor to take away during such markets:
a) Have a higher tolerance for a business into the portfolio investment that you make - It's very easy in a market like now, to look at past returns and make business allocations and portfolio decisions. However, this can easily result in loss of capital if one deviates away from fundamentals. Today, more than 40 per cent of the listed companies have shown greater than 100 per cent returns in the last year, with no improvement in cash flow growth. These businesses are the highest at risk as the market continues to move higher.
b) Do not focus on new ideas every month - The equity market is not meant to give you an adrenaline rush but is meant to give you consistent returns. However, very few businesses can generate this consistency. Its important investors continue to keep the focus on businesses that are growing, gaining market share and have higher than expected corporate governance today.
c) Valuations matter, but growth has more of a fundamental basis to it - It's always important to realize that the valuation one buys a business will have a bearing on the return one makes in the portfolio. However, over time, what matters is the cash flow the business throws in its balance sheet and if this continues to grow. If the latter does not happen, the valuations have less significance. It is imperative now, more than ever, to focus on the businesses whose cash flow is growing giving the management the optionality to reinvest the capital into the business. This is where true compounding happens.
The markets at every all-time high will be expensive. This is not a new phenomenon – neither is the subsequent volatility that investors will experience in their portfolios. The most important thing that investors need to take away is to continue to focus on the individual businesses around cash flow growth and to control greed during such markets. We are coming off the worst decade of equity returns in India (2010-20) and we should see this reverse in the next decade.
Naveen Chandramohan, Founder and Fund Manager at ITUS Capital, a PMS firm running a multi-cap fund (www.ituscapital.com)