Valens Equity Weekly Insights and Inflections for June 15, 2021

June 15, 2021

Company Specific Highlights & Insights:

Aggregate ECF™ Trend Analysis:

Management confidence showed a robust recovery in May through July 2020 after the pandemic-driven drop in management confidence earlier in 2020. The “green shoots” in May through July did moderate through Q3, and are now only at more average levels as we progress through Q1 2021 earnings season, signaling a more neutral view about investing when fundamentals normalize.