Valens Equity Weekly Insights and Inflections for July 27, 2021

July 27, 2021

Company Specific Highlights & Insights:

Aggregate ECF™ Trend Analysis:

Management confidence moderated significantly through 2021, after showing very bullish signals in the back half of 2020, coming out of the worse of the pandemic shutdown. For most of 2021 management confidence levels have been in the middle of historic ranges, showing a more neutral outlook. However late in the Q1 earnings season this appeared to be starting to change, offering the potential for more willingness for management teams to start investing in growth.