“CFO Signals” Report – Excerpts

Recently Deloitte released their “CFO Signals” “High-Level Summary” report for the 2nd Quarter of 2019.

As seen in page 2 of the report, there were 159 survey respondents.  As stated:

“Each quarter (since 2Q10), CFO Signals has tracked the thinking and actions of CFOs representing many of North America’s largest and most influential companies.

All respondents are CFOs from the US, Canada, and Mexico, and the vast majority are from companies with more than $1 billion in annual revenue. For a summary of this quarter’s response demographics, please see the sidebars and charts on this page. For other information about participation and methodology, please contact [email protected]

Here are some of the excerpts that I found notable:

from page 3:

Perceptions

How do you regard the status of the North American, European, and Chinese economies? Perceptions of North America declined slightly, with 79% of CFOs rating current conditions as good (down from 80% last quarter), and 24% expecting better conditions in a year (down from 28%). Perceptions of Europe slid to just 10% and 4%; China sits at 26% and 10%. Page 6.

What is your perception of the capital markets? Seventy-seven percent of CFOs say debt financing is attractive (up from 70%). Equity financing attractiveness rose for both public (from 25% to 40%) and private (27% to 35%) company CFOs. Sixty-four percent say US equity markets are overvalued, up from 46% and similar to the levels from 2018. Page 7.

Sentiment

What external/internal risks worry you the most? CFOs express strong concerns about the impact of US trade policy on global growth and about US political turmoil. Talent is the dominant internal concern, with newly emerging concerns about rising labor costs. Page 8.

Compared to three months ago, how do you feel about the financial prospects for your company? The net optimism index declined from last quarter’s +16 to just +9 this quarter—the second-lowest reading in three years. Thirty percent of CFOs express rising optimism (32% last quarter), and 21% express declining optimism (16% last quarter). Page 9.

Expectations

What is your company’s business focus for the next year? CFOs indicate a bias toward revenue growth over cost reduction (48% vs. 29%), investing cash over returning it (51% vs. 18%), current offerings over new ones (47% vs. 32%), and current geographies over new ones (66% vs. 13%). Page 10.

How do you expect your key operating metrics to change over the next 12 months? YOY revenue growth expectations fell from 4.8% to 3.8%, earnings growth slid from 7.1% to 6.1%, and hiring fell from 2.1% to 1.9% (all sit at twoyear lows). Dividend growth declined from 3.9% to 3.7%, the lowest level in two years. Capital spending rose substantially from 5.9% to 7.7%. Page 11.

Special topic: Company growth, profitability, and investment

If the US experiences a pullback, what type of pullback do you expect? About 80% expect a downturn to be mild, and they are split on whether that downturn will be short or prolonged. Pages 12.

What industry and company factors are affecting your business planning? All industries expected rising industry revenue over declining, with Manufacturing lowest and Healthcare/Pharma highest. All industries except Technology and Retail/Wholesale claimed to be in profitability mode over growth mode; all except Financial Services were biased toward market expansion over consolidation. Overall, companies claimed substantial talent constraints, but not capital constraints or shareholder pressure to use/return cash. Page 13.

What are your company’s top uses of cash this year? Top uses revolve around investment for growth and productivity improvement. There are substantial public/private and industry differences when it comes to returning cash, paying down debt, and investing for growth versus for productivity. Page 14.

Which markets will be important to your company’s growth over the next five years? Predictably, CFOs ranked their home markets most important. The US ranked universally high, but the importance of Canada and Mexico to US CFOs seems to have declined since we last asked in 4Q15; China is the most important market outside North America on the whole. Page 15.

What is your approach to growth investments over the next three years? The vast majority of CFOs say they are making focused growth investments instead of spreading investments across multiple opportunities; capital-constrained companies are the most likely to be avoiding major investment. Page 16.

On which areas will you personally focus for the next year? Three areas comprise the top tier for CFOs’ personal focus: profitability, corporate strategy, and growth. Other focus areas were substantial for particular industries. Page 17.

from page 9:

Sentiment

Optimism regarding own-companies’ prospects

Own-company optimism continues to sit among its lowest levels in the last three years. The US is highest at just +15; Canada and Mexico are both  overwhelmingly negative.

Last quarter’s net optimism rebounded somewhat from the prior quarter’s three-year low of +3 to a modest +16. This quarter it retreated to +9 and sits at the second-lowest reading in three years. Thirty percent of CFOs expressed rising optimism (down from 32%), and 21% cited declining optimism (up from 16%).

Net optimism for the US declined from last quarter’s +19 to +15, the second-lowest level in the last three years. Canada fell sharply from last quarter’s +25 to -25. Mexico rose from last quarter’s dismal -60 to a still-poor 43, tying the second lowest point in the last two years.

Manufacturing, Retail/Wholesale, and Healthcare/Pharma were comparatively pessimistic (+2, +6, and -27, respectively). Technology was strongest at +20, with Financial Services and Energy/Resources slightly behind at +15.

Please see the full report for industry-specific charts. Note that industry sample sizes vary markedly and that the means are most volatile for the least-represented. Due to a very small sample size, T/M/E was not used as a comparison point this quarter.

from page 11:

Expectations

Growth in key metrics, year-over-year

Expectations for revenue, earnings, dividends, hiring, and wages all declined to their lowest levels in the last two years; capital spending rose but remains below the two-year average.

Revenue growth declined from 4.8% to 3.8%, its lowest level since 4Q16. The US slid to a twoyear low. Canada dipped slightly, and remained below its two-year average. Mexico declined to a two-year low. Technology and Energy/Resources again lead; Healthcare/Pharma trails.

Earnings growth declined from 7.1% to 6.1%, the lowest level since 3Q16. The US fell to a twoyear low. Canada fell and remains below its twoyear average. Mexico dipped and remained below its two-year average. Retail/Wholesale is highest; Manufacturing and Healthcare/Pharma are lowest.

Capital spending growth rose substantially from 5.9% to 7.7%, just below the two-year average. The US rose to just above its two-year average. Canada and Mexico declined and sit below their two-year averages. Healthcare/Pharma and Retail/Wholesale are again highest; Services is lowest.

Domestic personnel growth slid from 2.1% to 1.9%, the lowest level since 3Q16. The US fell to its lowest level in more than two years. Canada slid below its two-year average. Mexico rose, but remains below its two-year average. Services and Technology lead; Energy/Resources trails.

Dividend growth declined from 3.9% to 3.7, the lowest level in two years.

Please see the full report for industry-specific charts. Note that industry sample sizes vary markedly and that the means are most volatile for the least-represented. Due to a very small sample size, T/M/E was not used as a comparison point this quarter.

Among the various charts and graphics in the report are graphics depicting trends in “Own Company Optimism” on page 9 and “Economic Optimism” found on page 6.

_____

RevSD, LLC offers the above commentary for informational purposes only, and does not necessarily agree with the views expressed by these outside parties.

—–

RevSD, LLC (revsd.com) is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

Earnings Estimates Trends

S&P500 earnings trends and estimates are a notably important topic, for a variety of reasons, at this point in time.

FactSet publishes a report titled “Earnings Insight” that contains a variety of information including the trends and expectations of S&P500 earnings.

For reference purposes, here are two charts as seen in the “Earnings Insight” (pdf) report of June 14, 2019:

from page 22:

(click on charts to enlarge images)

S&P500 earnings forecasts

from page 23:

S&P500 EPS 2009-2020

_____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of June 18, 2019, titled “Trends Of S&P500 Earnings Forecasts

_____

RevSD, LLC offers the above data and projections for informational purposes only, and does not necessarily agree with information provided by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

The June 2019 Wall Street Journal Economic Forecast Survey – Notable Aspects

The June 2019 Wall Street Journal Economic Forecast Survey was published on June 13, 2019.  The headline is “Trump Tariffs Are Short-Term Pain Without Long-Term Gain, Economists Say.”

I found numerous items to be notable – although I don’t necessarily agree with them – both within the article and in the “Economist Q&A” section.

An excerpt:

Looking at the economy as a whole, 74% of economists said they saw the risks for growth tilted to the downside—up from 58% in May and 47% this time a year ago.

Nearly half of economists in the latest survey, 48.8%, expect the next recession in 2020. That was up from just over a third in the May survey. Some 36.6% predict the next downturn will start in 2021, down from just over half in last month’s survey. Just under 5% expect it will begin this year, up from just over 2% in May.

As seen in the “Recession Probability” section, the average response as to the odds of another recession starting within the next 12 months was 30.07%. The individual estimates, of those who responded, ranged from 1% to 60%.  For reference, the average response in May’s survey was 22.79%.

As stated in the article, the survey’s respondents were 59 academic, financial and business economists.  Not every economist answered every question.  The survey was conducted June 7 – June 11, 2019.

Economic Forecasts

The current average forecasts among economists polled include the following:

GDP:

full-year 2019:  2.2%

full-year 2020:  1.6%

full-year 2021:  1.8%

Unemployment Rate:

December 2019: 3.6%

December 2020: 3.9%

December 2021: 4.2%

10-Year Treasury Yield:

December 2019: 2.34%

December 2020: 2.48%

December 2021: 2.60%

____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of June 13, 2019, titled “The June 2019 Wall Street Journal Economic Forecast Survey

_____

RevSD, LLC offers the above commentary for informational purposes only, and does not necessarily agree with the views expressed by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

Earnings Estimates Trends

S&P500 earnings trends and estimates are a notably important topic, for a variety of reasons, at this point in time.

FactSet publishes a report titled “Earnings Insight” that contains a variety of information including the trends and expectations of S&P500 earnings.

For reference purposes, here are two charts as seen in the “Earnings Insight” (pdf) report of May 17, 2019:

from page 21:

(click on charts to enlarge images)

S&P500 EPS forecasts 2019 & 2020

from page 22:

S&P500 EPS 2009-2020

_____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of May 22, 2019, titled “Trends Of S&P500 Earnings Forecasts

_____

RevSD, LLC offers the above data and projections for informational purposes only, and does not necessarily agree with information provided by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

The May 2019 Wall Street Journal Economic Forecast Survey – Notable Aspects

The May 2019 Wall Street Journal Economic Forecast Survey was published on May 9, 2019.  The headline is “Nearly 70% of Economists Expect Faster Wage Growth Over Next Year, WSJ Survey Says.”

I found numerous items to be notable – although I don’t necessarily agree with them – both within the article and in the “Economist Q&A” section.

An excerpt:

Just over a third of economists, 35.7%, expect the next recession to start in 2020, while 52.4% expect it will start in 2021. That marked a shift from the prior two surveys, when nearly half of respondents expected the next recession to start in 2020. In April, 40% predicted the next downturn will start in 2021, while in March about a third forecast a downturn to begin in 2021.

As seen in the “Recession Probability” section, the average response as to the odds of another recession starting within the next 12 months was 22.79%. The individual estimates, of those who responded, ranged from 0% to 45%.  For reference, the average response in April’s survey was 25.80%.

As stated in the article, the survey’s respondents were 60 academic, financial and business economists.  Not every economist answered every question.  The survey was conducted May 3 – May 7, 2019.

Economic Forecasts

The current average forecasts among economists polled include the following:

GDP:

full-year 2019:  2.3%

full-year 2020:  1.8%

full-year 2021:  1.8%

Unemployment Rate:

December 2019: 3.6%

December 2020: 3.8%

December 2021: 4.1%

10-Year Treasury Yield:

December 2019: 2.75%

December 2020: 2.80%

December 2021: 2.82%

____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of May 9, 2019, titled “The May 2019 Wall Street Journal Economic Forecast Survey

_____

RevSD, LLC offers the above commentary for informational purposes only, and does not necessarily agree with the views expressed by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

Earnings Estimates Trends

S&P500 earnings trends and estimates are a notably important topic, for a variety of reasons, at this point in time.

FactSet publishes a report titled “Earnings Insight” that contains a variety of information including the trends and expectations of S&P500 earnings.

For reference purposes, here are two charts as seen in the “Earnings Insight” (pdf) report of April 18, 2019:

from page 20:

(click on charts to enlarge images)

S&P500 earnings forecasts 2019 & 2020

from page 21:

S&P500 EPS 2009-2020

_____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of April 23, 2019, titled “Trends Of S&P500 Earnings Forecasts

_____

RevSD, LLC offers the above data and projections for informational purposes only, and does not necessarily agree with information provided by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

The April 2019 Wall Street Journal Economic Forecast Survey – Notable Aspects

The April 2019 Wall Street Journal Economic Forecast Survey was published on April 11, 2019.  The headline is “Raising Minimum Wage Would Cost Jobs, Say Economists in WSJ Survey.”

I found numerous items to be notable – although I don’t necessarily agree with them – both within the article and in the “Economist Q&A” section.

An excerpt:

Nearly half of respondents expected the next recession to start in 2020, while 40% predicted the next downturn will start in 2021.

But the number of economists who say the economy could surprise them for the better nearly doubled to more than 22% in April from the prior month.

As seen in the “Recession Probability” section, the average response as to the odds of another recession starting within the next 12 months was 25.80%. The individual estimates, of those who responded, ranged from 0% to 60%.  For reference, the average response in March’s survey was 24.51%.

As stated in the article, the survey’s respondents were 63 academic, financial and business economists.  Not every economist answered every question.  The survey was conducted April 5 – April 9, 2019.

The current average forecasts among economists polled include the following:

GDP:

full-year 2018:  3.0%

full-year 2019:  2.1%

full-year 2020:  1.8%

full-year 2021:  1.8%

Unemployment Rate:

December 2019: 3.7%

December 2020: 3.8%

December 2021: 4.1%

10-Year Treasury Yield:

December 2019: 2.80%

December 2020: 2.83%

December 2021: 2.90%

____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of April 11, 2019, titled “The April 2019 Wall Street Journal Economic Forecast Survey

_____

RevSD, LLC offers the above commentary for informational purposes only, and does not necessarily agree with the views expressed by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

“CFO Signals” Report – Excerpts

Recently Deloitte released their “CFO Signals” “High-Level Summary” report for the 1st Quarter of 2019.

As seen in page 2 of the report, there were 158 survey respondents.  As stated:

“Each quarter (since 2Q10), CFO Signals has tracked the thinking and actions of CFOs representing many of North America’s largest and most influential companies.

All respondents are CFOs from the US, Canada, and Mexico, and the vast majority are from companies with more than $1 billion in annual revenue. For a summary of this quarter’s response demographics, please see the sidebars and charts on this page. For other information about participation and methodology, please contact [email protected]

Here are some of the excerpts that I found notable:

from page 3:

Perceptions

How do you regard the status of the North American, European, and Chinese economies? Perceptions of North America declined, with 80% of CFOs rating current conditions as good (down from 88% last quarter), and 28% expecting better conditions in a year (even with last quarter). Perceptions of Europe declined to just 16% and 8%; China slid to 20% and 16%. Page 6.

What is your perception of the capital markets? Seventy percent of CFOs say debt financing is attractive (up from 62%). Equity financing attractiveness fell for both public (from 35% to 25%) and private (37% to 27%) company CFOs. Just 46% now say US equities are overvalued—a three-year low. Page 7.

Sentiment

Overall, what external/internal risks worry you the most? CFOs express even stronger concerns about trade policies/tariffs, economic risks/slowdowns, and US political turmoil. Talent is again the dominant internal concern. Page 8.

Compared to three months ago, how do you feel about the financial prospects for your company? The net optimism index rebounded from last quarter’s dismal +3 to +16 this quarter—better, but still the third-lowest reading in three years. Thirty-two percent of CFOs express rising optimism (26% last quarter), and 16% express declining optimism (23% last quarter). Page 9.

Expectations

What is your company’s business focus for the next year? CFOs indicate a bias toward revenue growth over cost reduction (51% vs. 25%); investing cash over returning it (46% vs. 19%); current offerings over new ones (40% vs. 36%); and current geographies over new ones (64% vs. 12%). Page 10.

How do you expect your key operating metrics to change over the next 12 months? YOY revenue growth expectations fell from 5.5% to 4.8%, earnings growth slid from 7.3% to 7.1%, capital spending rose from 5.0% to 5.9%, and hiring fell from 3.2% to 2.1% (all sit below their two-year averages). Dividend growth declined from 4.5% to 3.9%, the lowest level since 4Q17. Page 11.

Special topic: Downturn planning and Washington policy focus

Where does your company stand with respect to downturn planning? Nearly 85% of CFOs say they expect a US downturn by the end of 2020, and they overwhelmingly expect a slowdown rather than a recession. A minority say they have detailed defensive or opportunistic plans. Pages 12-13.

If you believe a downturn will occur, what is driving your belief? CFOs were most likely to cite US trade policy, business and credit cycles, and the impacts of slowing growth in China and Europe on the US economy. Page 12.

What defensive actions will your company take? The most common actions involve reducing spending and limiting or reducing headcount. Page 14.

In which policy areas would your company like to see Washington provide clarity/change first? CFOs overwhelmingly rate trade policy the most important policy area, with infrastructure investment a distant second. Page 15.

from page 9:

Sentiment

Optimism regarding own-companies’ prospects

Own-company optimism rebounded from last quarter’s 10-quarter low, but it remains at one of its lowest levels in three years. The proportion citing “no change” reached a new survey high— likely a negative sign given last quarter’s strong pessimism. 

Last quarter’s net optimism declined sharply to just +3—the lowest reading since 1Q16. This quarter it rose to +16, but it still represents the third-lowest reading in three years. Thirty-two percent of CFOs expressed rising optimism (up from 26%), and 16% cited declining optimism (down from 23%).

Net optimism for the US improved from last quarter’s +9 to +19—still its second-lowest level in more than two years. Canada rebounded from last quarter’s dismal -36 to +25. Mexico fell again and is at its lowest point since 1Q17 at -60.

Manufacturing, Retail/Wholesale, and Healthcare/Pharma were comparatively pessimistic (all at zero). Financial Services and Services were much stronger, with both above +30.

Please see the full report for industry-specific charts. Note that industry sample sizes vary markedly and that the means are most volatile for the least-represented. Due to a very small sample size, T/M/E was not used as a comparison point this quarter.

from page 11:

Expectations

Growth in key metrics, year-over-year

Expectations for revenue, earnings, dividends, hiring, and wages all declined (only capital spending rose), and all metrics sit below their two-year averages.

Revenue growth declined from 5.5% to 4.8%, one of its lowest levels in two years. The US fell to a two-year low. Canada rose, but is below its two year average. Mexico declined and is below its two-year average. Technology and Energy/Resources lead; Manufacturing and Retail/Wholesale trail.

Earnings growth declined from 7.3% to 7.1%, a two-year low. The US fell to a two-year low. Canada improved, but sits at its second-lowest level in three years. Mexico remained near its two-year average. Retail/Wholesale and Healthcare/ Pharma are highest; Manufacturing is lowest.

Capital spending growth rose from 5.0% to 5.9%, but is still the second lowest level in two years. The US rose, but sits at its second-lowest level in two years. Mexico rose sharply but remains below its two-year average. Canada rose above its two-year average. Healthcare/Pharma and Retail/ Wholesale are highest; Manufacturing is lowest.

Domestic personnel growth fell from 3.2% to 2.1%, the second-lowest level in two years. The US fell to its lowest level in more than a year. Canada declined to near its two-year average; Mexico fell to a five-year low. Services and Technology lead; Energy/Resources trails.

Dividend growth declined from 4.5% to 3.9%, the lowest level since 4Q17.

Please see the full report for industry-specific charts. Note that industry sample sizes vary markedly and that the means are most volatile for the least-represented. Due to a very small sample size, T/M/E was not used as a comparison point this quarter.

Among the various charts and graphics in the report are graphics depicting trends in “Own Company Optimism” on page 9 and “Economic Optimism” found on page 6.

_____

RevSD, LLC offers the above commentary for informational purposes only, and does not necessarily agree with the views expressed by these outside parties.

—–

RevSD, LLC (revsd.com) is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

Earnings Estimates Trends

S&P500 earnings trends and estimates are a notably important topic, for a variety of reasons, at this point in time.

FactSet publishes a report titled “Earnings Insight” that contains a variety of information including the trends and expectations of S&P500 earnings.

For reference purposes, here are two charts as seen in the “Earnings Insight” (pdf) report of March 15, 2019:

from page 23:

(click on charts to enlarge images)

S&P500 EPS forecasts 2019 & 2020

from page 24:

S&P500 EPS 2009-2020

_____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of March 19, 2019, titled “Trends Of S&P500 Earnings Forecasts

_____

RevSD, LLC offers the above data and projections for informational purposes only, and does not necessarily agree with information provided by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.

The March 2019 Wall Street Journal Economic Forecast Survey – Notable Aspects

The March 2019 Wall Street Journal Economic Forecast Survey was published on March 14, 2019.  The headline is “WSJ Survey: Economists Cut Forecasts For Jobs and Economic Growth in Early 2019.”

I found numerous items to be notable – although I don’t necessarily agree with them – both within the article and in the “Economist Q&A” section.

An excerpt:

A large majority of economists, 84.2%, said they saw a greater risk that the economy would grow more slowly than that it would grow more quickly over the next 12 months. When asked about the biggest downside risk to their forecasts, nearly half of respondents, 46.8%, mentioned trade policy or China.

As seen in the “Recession Probability” section, the average response as to the odds of another recession starting within the next 12 months was 24.51%. The individual estimates, of those who responded, ranged from 1% to 60%.  For reference, the average response in February’s survey was 24.53%.

As stated in the article, the survey’s respondents were 66 academic, financial and business economists.  Not every economist answered every question.  The survey was conducted March 8 – March 12, 2019.

The current average forecasts among economists polled include the following:

GDP:

full-year 2018:  3.0%

full-year 2019:  2.1%

full-year 2020:  1.7%

full-year 2021:  1.8%

Unemployment Rate:

December 2019: 3.7%

December 2020: 3.9%

December 2021: 4.2%

10-Year Treasury Yield:

December 2019: 2.93%

December 2020: 2.94%

December 2021: 2.99%

____

Please Note – The above is excerpted from the EconomicGreenfield.com (published by RevSD, LLC) post of March 14, 2019, titled “The March 2019 Wall Street Journal Economic Forecast Survey

_____

RevSD, LLC offers the above commentary for informational purposes only, and does not necessarily agree with the views expressed by these outside parties.

—–

RevSD, LLC is a management consulting firm and strategic advisory that focuses on the analysis of current and future weak(ening) economic conditions, and offers businesses and other entities advice, strategies, and actionable methods on how to optimally adapt to such challenging, complex conditions.