Valens Equity Weekly Insights and Inflections for March 23, 2021

March 23, 2021

Company Specific Highlights & Insights:

Aggregate ECF™ Trend Analysis:

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