Valens Equity Weekly Insights and Inflections for May 4, 2021

May 4, 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 some through Q3, and are now only at more average levels entering Q1 2021 earnings season, signaling a more neutral view about investing when fundamentals normalize.