Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Invalid login

Enter your password to login.

Invalid login
Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Resend the email

Confirmed.
Welcome back.

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An error occurred while processing your request. Please try again later.

Please enter a valid phone number.

We need a phone number to keep your account secure. We'll send you a code to validate your phone number right now.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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Role is required
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Invalid country code
Number is too short
Number is too long
Invalid number
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Passwords do not match
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

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Portfolio Intelligence podcast

The Portfolio Intelligence podcast features interviews with asset allocation experts, portfolio construction specialists, and investment veterans from across John Hancock’s multimanager network. Hosted by John Bryson, head of investment consulting at John Hancock Investment Management, the dynamic discussion explores ideas advisors can use today to build their business while helping their clients pursue better investment outcomes.

Latest episodes

Tips for making college admissions officers say, ‘wow’

May 22, 2024 | 24:31 | Ep. 79

How do you make your college application and essay stand now that AI can influence how application materials are generated and screened? Hear from Nancy Steenson, a college admissions coach, as she joins the podcast and host John Bryson to offer tips for students and parents as they navigate today’s college admissions environment.

Nancy explores how admissions officers are factoring in standardized test scores, grades, essays, extracurricular activities, and interviews differently than they had been just a few years ago. She also explains how admissions officers at the most selective schools may assess application materials differently than their peers at less selective colleges. Among the pieces of advice that she shares: standardized test scores still matter; grade-point average standards can vary widely from high school to high school; and don’t get fooled into thinking grammar is just as important as personal voice in an essay.

John Bryson:
Hello and welcome to the Portfolio Intelligence podcast. I'm your host, John Bryson, head of investment consulting and education savings here at John Hancock Investment Management. Today is April 29th and we are on the verge of May. And as you may all know, May is 529 month. A 529 plan can help investment professionals stand out from the crowd. It can help attract net new assets and new referrals. It's an underutilized estate planning tool. It helps you connect with the next generation of clients. And most importantly, it can help students get to college. Another way to get to college is to wow the college admissions process. With that in mind, I've invited a popular guest back to the podcast, Nancy Steenson.

Nancy is a college admissions coach and graduate of Tufts University. She served on the Timberlane Regional School Board for six years and was chairperson for two of them. Nancy is passionate about education and has always advocated for strong academics in the public school system in order to prepare students for college. She believes that many students and parents underestimate the college admissions process and works with students to market themselves by sharing underutilized strategies that help them stand out from the thousands of other applicants. With her guidance, students have been accepted to very selective colleges and top programs in their field. Nancy, welcome to the podcast.


Nancy Steenson:
John, thank you so much for having me back.


John Bryson:
You got it. Hey, listen, this is all about how to wow the college admissions team. Let's start with some of the basics that I have. I have a 17-year old that is in the college process, and I have some personal questions that I think a lot of people can relate to. If a student has really strong marks, is it necessary to take the SAT or ACT anymore?


Nancy Steenson:
Well, you know, John, standardized testing is sort of the hottest topic right now in college admissions. So, you know, a few years ago, when we went through the pandemic and quarantine, everyone stopped requiring standardized tests simply because students could not sit for the test and therefore they couldn't submit a score they couldn't take. What we're seeing now, since then, is that some schools have gone back to requiring scores, test scores, although not many schools have.


And some schools are looking at it. If you send them, they're happy to see them. A very small number of schools won't look at them at all. But here's the trend. This year we saw a number of highly selective universities, including Ivy League, UT Austin, start requiring again. And what we're hearing is that they really want to make sure that the students they're admitting are prepared to do the work on campus, and they want to make sure they've got those fundamentals down. We're living in an era where many high schools don't rank. There's an enormous amount of grade inflation. We're starting to question the authenticity of students’ writing. And there has to be a way to sort of look at all the students across, you know, many, many, many different high schools and figure out which ones are going to be academically prepared for a particular institution.

Therefore, we're seeing some of the super selective colleges start requiring test scores again. And we're seeing at some institutions, students who submit scores are getting in at a higher rate than students who don't. In short, a great score—which is defined as on the high end of accepted students at a particular institution—a great score will back up a student's academics and will only add to the application.

And I encourage all students to try to get a test score, because if they decide to add a school that is requiring test scores to their list, they're going to be sorry they didn't take the test.

John Bryson:
Yeah, that makes sense. And I'll tell you right now, my 17-year old is not looking forward to it, but I think she will be happy when it's done. Certainly Mom and Dad will be, so certainly, as you mentioned, a couple things that I want to dig into. You mentioned grade inflation and writing skills. Let's start with grade inflation. Is a high GPA the ticket to impressing colleges?


Nancy Steenson:
You know, when I meet with families to work with students through the college admissions process, usually the first thing they tell me is, you know, and ‘Susie has a GPA of 3.7, 3.9, 4.9, you name it.’ Here's here's the thing: A GPA doesn't really mean a lot. And I'm going to explain why different high schools have different systems of calculated calculating GPA.
Sometimes it's a weighted GPA. You get a bump up if you've taken an honors or an AP class. Sometimes it's an unweighted GPA. Oftentimes, high schools include physical education and art and technology and electives into the GPA. There's no way a college can compare a GPA from one student in this high school to the GPA of another student in another high school.

Therefore, the vast majority of colleges recalculate a GPA based on their own algorithm. It's usually quite simple. It's most often they take the core academic subjects—English, math, science, social studies, and foreign language—and they take the unweighted grades. So, you know, an A is a 4.0 and a B is a 3.0, and a B plus is a 3.3. And they recalculate the academic unweighted GPA. So the GPA you see on the transcript doesn't really mean a lot to anyone. What they're looking for is, ‘What classes did you take? What classes were offered to you?’ Because they will see that as well when they get the school report from the guidance counselor, when the student applies. And then how do those two things compare? Did you take the hard classes that were offered? Did you shy away from the hard classes? Did you do well in the hard classes? Is there an upward trajectory from freshman year where maybe you were adjusting to high school? So those are the nuances and those are the things they're really looking for, as opposed to a hard number. That hard number is relatively meaningless.


John Bryson:
Now you mentioned upward trajectory. Getting you know, going to high school, getting in high school is a stressful time for students and parents. What happens if you have a poor upper grade in freshman year? Does that kind of doom you for life and totally mess up the process?

Nancy Steenson:
Do you remember what our parents used to say? It's going to be on your permanent record. You know, I never know. I never really knew what a permanent record was. But here, here's what I'll tell you. One poor grade freshman year rarely hurts a student. If a student is applying to the most selective universities in the world, yes, it will be looked at. And it could be a drawback for the vast majority. And I mean the vast majority of colleges and universities, it's very common, you know, for students to be adjusting, and there are ways to explain it. Now, a high school counselor can, in the recommendation letter, can talk about what was going on and sort of soften that a little bit.

And also on the common application, which is the platform that most colleges accept and that students are familiar with by the time they're applying to college. That platform, has it's the very, very last question in the whole application. It's considered the most underutilized space on the application. And it's, ‘What else do you want to tell us?’

It's the additional information section. And as I visit colleges—and you know, John, I visit about 50 colleges a year and talk to admissions officers—I often hear them tell us, ‘We wish people would use that section more. What do you want to tell us, that you haven't had a chance to tell us? What you want to explain?’ What more information can you give us to help us understand the context is useful. So if I have a student who got a poor grade freshman year and they've done very, very well since, we can usually explain that. And that's a great spot to do it right.

John Bryson:
That's a great way. We've talked before about having the colleges understand who you really are and take advantage of that space. That's great. Nancy, another thing you mentioned was writing skills, right? The new trend and a lot of the conversations I have on the investment side also bleeds into the college savings side. And that's, the impact of AI. With AI, does the essay really count to people? People, you know, can they see through AI? Like, how does that all work now?

Nancy Steenson:
How is it all working in college admissions? So we're all figuring that out in real time. Here's what I can tell you. The purpose of the essay on the college application is to hear the student’s voice. And I always tell my students, this is not academic writing. This is not what we used to call expository writing. It's what the kids call a five-paragraph essay.
It's nothing to do with that. It's using your voice to tell a story about yourself, to give them something about yourself that they might not see on the college application. As such, AI is useless here. Now, when I work with kids and they try to fool me, then I'm sure kids are doing it everywhere.
And they'll do something with AI. Obviously, you can tell in a second that this is computer-generated writing. Usually, AI, it's very detectable as computer-generated writing. It certainly doesn't tend to have a voice, which is a term we use in writing. So I tell my students, ‘You're really not fooling anyone. And your best bet is to use your own writing skills and your own voice, because that's what they want to hear.’

What we don't know is what's happening on the admissions side. If you send in something that smells an awful lot like computer-generated writing, at the very least you've lost a great opportunity to express yourself to these colleges. At the worst, I don't know, perhaps your application will not be reviewed so favorably because you didn't really follow the rules.
The big question is, ‘Are they using AI filters and and do those filters work?’ And from my opinion, I will tell you that I don't think it matters, because most people who read writing for a living can tell without a filter whether something is artificially generated or not.
So, students need to get out there and write, you know, their best work. They're not looking for perfect writing. They're not looking for something that the student might be capable of writing, ten years hence. They know that teenagers are doing the writing, and that's what they expect. So, you know, students don't need to be that intimidated. Now, that said, I am seeing students doing far less writing in school than previous generations.
It's a little bit surprising. I'm not really sure if it's a post-Covid thing, or if it would have happened without the pandemic. Kids are not as comfortable writing as they used to be. But regardless, they need to embrace it. And this is a great opportunity for them to tell colleges what they want to tell them.

John Bryson:
Yeah. Back to that voice. Make your voice be heard. If it's AI. That's not your voice. People can see through the bullet point scripts, right? I think that's good insight. So, another thing, you know, you mentioned trends and how things evolve over time. You know, I think you and I have talked before, when we were growing up, it was really important to be involved in as many things as possible, getting as many leadership roles as possible. Is that still the case? Is that what people should be focused on?

Nancy Steenson:
So extracurriculars matter in a college application; there's no question about it. And there's really, I would say, a sliding scale of how much they matter depending on what kind of college the student is applying to. Again, as with anything else, the super, super selectives are expecting more out of students than colleges that might be moderately selective. Flagship state universities, some of them just use a grade kind of algorithm. Sometimes with scores, and they really don't look too carefully at all of the activities. But I'll say this: What a student does not want to do is just join a lot of things. It used to be we wanted to see a well-rounded, you know, student. Well-rounded is not really part of this picture anymore. It's fine if a student signs up for a lot of clubs. But please don't sign up for a lot of clubs because you think it will impress colleges.

A lot of people are using the word spike, so they like to see a spike. Meaning what do you love? And did you spike with it? Did you do a lot with that one thing? So, if you're an athlete, you don't have to join student council because, you know, colleges like to see that. You can, if you'd like to join student council. But if you really love athletics, maybe you can do community service with small children or developmentally delayed people. There are all kinds of organizations that that do that. Top soccer is one that comes to mind. Perhaps you can get a part-time job as a ref or an umpire. There are opportunities within what you love, and that's what we like to see. Again, with the more selective colleges, they're looking for leadership and they're looking for students to have an impact on their community.

So, for those students who are looking to apply to some of the most selective colleges in the country, the the bar has gotten very, very high and the funnel is very narrow. And they really want to see what have you done for yourself, what kind of opportunities have you created for yourself and therefore having an impact on the greater community? Unfortunately, it's not enough to just be elected, you know, student body president for some of those institutions anymore.

John Bryson:
Yeah, we do some mentoring with some local colleges around here, and some of the students who we're talking to in high school started their own companies or their own charities. Is that the type of stuff that you're talking about?

Nancy Steenson:
It can be. But I will tell you quite honestly, John, it gets a little dicey because, you know, a well-connected parent starting this for the student is not authentic. And that happens a lot. And so I'm very, you know, I'm very careful with this and I'm very torn on this issue. We use the word passion project. Sometimes the parent puts it all together and puts the student's name on it, and that's very disingenuous. Sometimes the student does it themselves, but then the whole thing falls apart when they start college because it was just to get into college. So I know when I work with students, I really carefully talk with them about what do they want to do that will matter. This is not smoke and mirrors. It should never be smoke and mirrors.

John Bryson:
Were really good insights there. Thank you, Nancy. All right I got a couple more questions. I'm going to fire at you. Let's talk about the old process of college interviews. How much do they count nowadays?

Nancy Steenson:
All right, so I would put this in two camps for most colleges that offer interviews. And remember, many don't, but many do, so for colleges that offer interviews, it's usually just a form of demonstrated interest. It's a way of showing the college that you actually want to attend. So if a student has eight colleges on their list that they're thinking of applying to, they should go on every single one of those websites and find out if those colleges interview. Many of them will be doing that over Zoom.

So, you don't have to travel to the institution if you don't avail yourself of that opportunity and you don't interview with a college that offers interviews, they might think you don't really care. You're not that invested in going to that institution. You really had your eye on something else, and you run the risk of possibly not getting admitted because of the lack of showing interest. So interviews are really a great form of demonstrated interest. I tell my students, ‘It's not like a job interview. They're not interviewing 200 people to pick one. It's really just a hoop you have to jump through.’

It's very rare for a student to not get into a college because of the interview. They would have to be wildly inappropriate. It's very rare also for a student to get into college because of the interview. It's just one factor. Now, the exception to all of this would be some, again, the super selective colleges, specifically Ivy League. They have long had a tradition of engaging their alumni to interview students.

And that's not specifically just the Ivy League. I would add other elite institutions to that list. And, the sad fact is that those interviews don't matter at all. The colleges are using their alumni to interview students because they like to engage their alumni. They like their alumni to feel part of the process.

They like their alumni to feel wanted. And that might increase their donations. So it's, it's a bit of a ruse in my opinion. But the super selectives really, really don't care about that interview. It's a hoop that the students unfortunately have to jump through. But the alumni really are not in any position to be evaluating that candidate. And we all very much doubt how much that's looked at on the admissions side.

John Bryson:
Got it. Part of the process, part of the history, but not necessarily impactful. Yeah. So, you mentioned demonstrated interest. What other ways should students be thinking about, highlighting that so they stand out with the colleges they're focused on?

Nancy Steenson:
So this this notion of demonstrated interest has really become important in college admissions. Again, to define it, it's showing a college that you are interested. You're not just applying. You've actually engaged with the college or university. Perhaps you visited and did a tour and an information session. Perhaps you did a virtual information session. There's far more virtual programing through college admissions than there ever has been in the past.

Perhaps you had an interview. Perhaps you met with the college rep when they came to your high school or at a college fair. Also, John, their measuring once a student is in their CRM system, they're measuring how often they go on the website and where are they navigating on the website. They are measuring, when students get what they think a spam email from those colleges, they're measuring whether those emails are opened and whether students are clicking on the hyperlinks. So you don't have to do everything, but you have to do something. If you don't engage at all, colleges may think you're not interested.

And the exception to this would be, again, the super selective universities and colleges in this country. There may be 50 of them that couldn't care less how often you're on their website. They couldn't care less about any of that. They do not consider demonstrated interest in their admissions review, but most institutions do.

John Bryson:
Gotcha. Good to know. It can't hurt to show interest, certainly, in the colleges that you're most interested in. Nancy, my last question for you, because we are in the thick of this, we're doing the essay prep where we're, you know, getting ready for the SAT here at our house. When I say we it's really my wife and my daughter. I'm not doing any of that. But I might have to reach out for a letter of recommendation. Does that letter of recommendation count anymore?

Nancy Steenson:
So on the common application, there's a spot where you can upload a letter of recommendation from your school counselor, letters of recommendation from teachers, and then what we call for that other category—anybody else. For many, I would say most colleges and universities in this country, they require or will accept a letter from the school counselor. It's very, very customary for the school counselor to include one. Then, there are many institutions that require one and sometimes two academic teachers. And so yes, they matter. The other category, which would be a family friend, a coach, an employer. It's always amusing when a family says, ‘Well, we know Prince Harry. Do you think that would help? You know, I know the president.’ No, those don't help.

So really, what helps is an authentic letter from counselors and teachers who can say authentic things about the student because they know the student. If someone doesn't know the student, they're not going to write a helpful letter. So yes, they count, yes they matter.
And again, I know, I feel like I'm circling back to this on every question. But the more selective a college, the more they lean into that. So if you're looking at an Ivy League institution and everyone who applies, you know, has all A’s and, you know, half of them have cured cancer and they've started foundations and they have perfect SAT scores, and on and on and on. They really dig into those letters of recommendation to get a sense of who, among these students, is really, really interesting and interested in learning for learning’s sake? Who among all of these students has had an impact on their high school? Who of these students, do the teachers respect the most?

So, I would say for that category, that very tiny, tiny category of very elite institutions, it matters an enormous amount. For most colleges in this country, it matters some.

John Bryson:
But it's really impressive. It kind of it just goes back to how do you wow folks in the college admissions process, how do you stand out? And the more you can have your voice resonate throughout the process, the better. Hey, Nancy, like I said, we're in the thick of it here. It's always great to talk to you. I take away some great insights. So thanks so much for being on the show.

Nancy Steenson:
Thank you so much, John. It's always a pleasure.

John Bryson:
You got it. And folks, if you want to hear more, please subscribe to the Portfolio Intelligence podcast on iTunes or wherever you download your podcasts or visit our website jhinvestments.com. You can read our viewpoints on macro trends, portfolio construction, other business building ideas, college savings and much, much more. As always, thanks for listening to the show.

Important disclosures, from Viewpoint:
This podcast is being brought to you by John Hancock Investment Management Distributors, LLC, member FINRA, SIPC. The views and opinions expressed in this podcast are those of the speaker, are subject to change as market and other conditions warrant, and do not constitute investment advice or a recommendation regarding any specific product or security. There is no guarantee that any investment strategy discussed will be successful or achieve any particular level of results. Any economic or market performance information is historical and is not indicative of future results, and no forecasts are guaranteed. Investing involves risks, including the potential loss of principal.

John Hancock Investment Management is not affiliated with Nancy Steenson.

Investing with patience in a higher-for-longer rate environment

April 23, 2024 | 16:33 | Ep. 78

An initial round of interest-rate cuts no longer appears to be imminent, given recently uneven inflation data and robust jobs growth that have prompted the U.S. Federal Reserve to put a dovish policy shift on hold. What does this delayed timeline mean for equities and fixed income heading into earnings season?

Emily R. Roland, CIMA, and Matthew D. Miskin, CFA, co-chief investment strategists at John Hancock Investment Management, join the podcast and host John Bryson to discuss the need for a patient approach to investing and a focus on fundamentals, given a recent market rally that’s pushed equity valuations higher. Emily and Matt explore monetary policy, the outlook for stocks and bonds, and pockets of opportunity that they’re seeing in mid-cap equities and industrial stocks tied to economic growth in Midwestern states. With an election coming up in November, the strategists also discuss the importance of keeping politics out of portfolios.

Hello and welcome to the Portfolio Intelligence Podcast. I'm your host, John Bryson, head of investment consulting and education savings here at John Hancock Investment Management. Today is April 8th, 2024. And it's also eclipse day here in the U.S. So I have invited the sun and the moon of our investment world to the podcast. We've got Emily Roland and Matt Miskin, our co chief investment strategists here at John Hancock Investment Management, to talk about their views going forward. Matt, Emily, welcome.

Emily Roland:
Thanks for having us.

Matt Miskin:
Yeah. Thanks for having us.

John Bryson:
How about that for, hokey opening with the eclipse? Pretty good.

Emily Roland:
I was just trying to remember if the sun goes in front of the moon, or the moon in front of the sun, but we can figure that out later.

John Bryson:
We'll go talk about that later. We've got all day to figure that one out. Get your eclipse glasses out. Perfect. Hey, Emily. I want to I want to jump right in and talk a little bit about last week. Friday, we saw us nonfarm payrolls numbers that came in very strong. Manufacturing here in the U.S. data is looking pretty good and improving. It's leading many to think that the rate cuts are on hold for a while. What is your take?

Emily Roland:
Yeah, John, big report. Last Friday we saw the jobs openings rise to over 300,000 for March. We watch really closely to see what the revisions are. Those were actually positive for the last two months to the tune of about 22,000. And the job gains were spread across areas like healthcare, government, leisure and hospitality—all seeing pretty significant gains. The unemployment rate falling, the participation rate rising. So it was another in a series of strong economic readings that we saw last week. You mentioned also the ISM manufacturing index rising as well. New orders coming in. That's one of the key leading indicators that we that we watched closely, the highest in about 18 months. So seeing some positive, economic data. The bond market is definitely shifting in terms of the probability that it's placing on a rate cut in June. We're now looking at about two cuts. You'll probably remember that it was as many as six to end, last year. But to us, you know, it looks like the economy's probably too hot for the Fed to start cutting here in June, given the fact that it's taking a while to get back down to the Fed's 2% inflation target, higher commodity prices as of late certainly not helping in that effort, and the labor market remaining pretty tight here.
So, we do think that cuts are going to be pushed off. But our view is that once they do happen, they're probably going to be a lot more significant than the market expects. We have this data in the newly, released version of Market Intelligence that just came out. So please check this out. But that we've looked historically at Fed rate-cutting cycles, and typically the Fed actually cuts by four and a quarter. So that's 17 rate cuts in a typical cutting cycle. So, while we do think, we're in a period of higher for longer, ultimately the cycle will likely play out the way it does traditionally where there is some type of event—liquidity issue, some type of financial accident—and the Fed starts cutting and they do so by a significant amount, which should be a big tailwind from a duration perspective for fixed-income investors. I think the key right now is to be patient, because today, you know, everything looks pretty awesome. And it's pretty tough to see that type of event on the horizon.

John Bryson:
Well, hey, Matt, let's talk about the market impact of this newest information. How are fixed-income and equity markets reacting?

Matt Miskin:
So, equity markets don't seem to mind, at least as of yet. You did see some volatility as part so certain FOMC members are now saying, ‘Why are we even cutting at all?’ And just last week Neel Kashkari actually said that, and we saw some equity volatility. But Powell really hasn't changed his script yet. And I think as long as Powell is giving the market cover, equities are okay with it. The bond market is seeing some mild pressure because Treasury yields have been rising. We still have a quite a bit of income we're going to be receiving over the course of the year. We started the year with about a 4 to 5% yield, depending on, you know, your kind of higher-quality bond implementation.
So, you know, we're going to still see about three quarters of that distributed to us over the course of the year. But, Treasury yields have been marching higher. Usually that is something that then weighs on the economy, and creates almost a feedback loop, which does help bring down inflationary pressures. But for now, I think there's a bit of a honeymoon phase for equities that are saying, ‘We're okay with this because the data is so strong.’ We also have earnings season coming up.

So, we're going to have to see if equities can roll through that with, you know, this kind of tailwind. But in terms of bonds, you know, again, as Emily was saying, you know, you’ve got to be patient. We're getting paid to wait. Last year, the 10-year started … 10-year Treasury yields started at 3.88%. It ended at 3.88%, but it went as low as 3.3 and as high as 5.
We very well could be in another year where we're bouncing around with Treasury yields. But may not go as far as, you know, the market thinks. We might end up back where we started. And we want to just be patient there. For equities, we don't want to chase here. We want to make sure we're finding good quality companies, having some value exposure, and we think that's the best way to kind of ride out this near-term volatility.

John Bryson:
That's very good. You both said patience is warranted. Hey, Emily, I want to go back to you. We talked a little bit about manufacturing. Globally, it's also improving. How are you feeling about international opportunities right now?

Emily Roland
Yeah. So, we are maintaining, John, a still a modest underweight to international equities. We still have them in our in our overall portfolio views. But we think it's really important to be active in the space. In fact, we do have a preference for international value stocks over international growth. And a key reason for that is that we're always following the earnings. Matt referenced earnings season coming up. You know, we think it's really important to kind of look at international equities in particular through the lens of the fundamentals. Where can we find the best earnings growth? Where are the best opportunities going to be for an active manager in an environment where earnings growth internationally is .. is pretty modest or, you know—to use a technical term—a little blah overseas, while it's more robust here in the U.S.
So when we look at things from a style basis, the earnings trends are simply better on the value side. You know, you think about growth versus value stocks. If you own growth stocks, you want their earnings to grow, which is exactly what they're doing here in the United States. But there's a notable dynamic playing out abroad, where actually international value earnings are growing faster over the last couple of years than international growth earnings. Some of that is due to Japan, which dominates value indices. But overall, that's where we would be tilting portfolios within international indices. We also have a preference for non-U.S. developed markets versus emerging-market equities, given some of the structural challenges we're seeing in EM across China. Some major issues with their property sector. They're moving away from capitalism. There are some longer-term demographic challenges there. So looking to international developed is really the best opportunity across those markets.
John Bryson:
Okay, Emily, a clarification on technical terms. Is meh better than blah, or is blah better than meh?
Emily Roland:
I would go interchangeably on those two.

John Bryson:
Okay. All right. Good to know. Just wanted to clarify. Thank you. Hey, Matt, you mentioned earnings season is coming up right around the corner—starts on Friday. So what are your expectations?
Matt Miskin:
Yeah. So right now, the bar isn't too high. So the analyst community for the S&P 500 is estimating about 3% earnings growth for Q1. And that seems about right to us. It's from there that it gets more interesting. So the street analyst community S&P 500 earnings estimates is that they keep ratcheting up every single quarter and then go almost as high as 20% by year end.
That to us seems less realistic. You know, right now, what we're seeing is this margin compression backdrop where revenues are now growing at about 2 to 3%, which isn't that bad, frankly. And it's about right. But costs for companies are going up a similar amount. Earnings on a last-12-month basis are basically the same they were 2 to 3 years ago. Prices are certainly higher. So that means that the multiple—the valuation—of the market has kept going up. And it is the highest it's been for the last couple of years.
And so, you know, for us it's about finding those profitable companies, those ones with the best margins out there as a part of our quality view. And then we want to have it at a reasonable price, because everything has just gotten more expensive over the last 6 to 12 months. So, our mantra right now is quality a reasonable price, barbelling the quality factor with profitability, with the value factor. And to us, that's managing both the quality risk—or solvency risk or lower quality risk—and the valuation risk in the markets today. But you know, we're going to start with financials here as early as Friday. And the banks and then, you know, we've got some of the bigger market cap companies coming in the weeks ahead.

John Bryson:
Very good. Hey, Emily, back to you. You mentioned that you and Matt had just finished up the first-quarter Market intelligence. And I think you're delivering that tomorrow, and it will be recorded and posted on our website. Are there any opportunities that you're seeing that we haven't discussed on the podcast?

Emily Roland:
Yeah. So, Matt talked about quality at a reasonable price, which continues to be a key theme for us in terms of opportunities. On the equity side, I would say another one that we're continuing to have a lot of conviction is U.S. mid-cap equities—especially since we are seeing this reacceleration in inflation, reacceleration in economic growth. Again, it may be choppy here, as Matt mentioned about bond yields. You know, we can we continue to see this kind of late-cycle chop in the economic data. But we are right now seeing that seeing again a kind of a growth impulse around the world. And we think that's really, mid-cap equities in the U.S. are a great way to play that.
A lot of it is a result of stimulus. We are still employing stimulus, to the tune of almost $2 trillion in deficit spending. And a lot of that's being funneled into industrial production in the United States. It's being supported by things like the CHIPS Act and the Infrastructure and Jobs Act. We've both spent a lot of time in the Midwest over the last quarter, and it is absolutely booming there. You're seeing a manufacturing renaissance, playing out through things like EV production and semiconductor facilities, battery production. It's also been helped by onshoring, so supply chains coming back from China and other parts of the world to the United States. That was a trend that was in play prior to the pandemic. But that's really been accelerated since then.
So, we look at the mid-cap space as having an overweight to the industrials sector. So, these are companies that really are a play on this onshoring and manufacturing renaissance that we're seeing. Mid caps also are a bit more cyclical than some of the areas that we are also focused on, like U.S. large-cap, high-quality tech companies. So, it's a great way to take advantage of a part of the market that's a little bit more cyclical and also on sale. The valuations are quite compelling there as well, especially on the mid-cap value side, to complement that quality exposure that Matt talked about.

John Bryson:
That’s exciting to hear that the opportunities in mid caps in the growth in the Midwest are both really good for America. And Matt, speaking of America, we are in an election year. Are there any research or insights that you come across that you'd want to show that listeners?

Matt Miskin:
You know, we just are looking at, under the Biden administration, what the best-performing parts of the markets have been. And it is very counterintuitive to what you would have thought. So under the Biden administration, the number one performing sector has been energy stocks. And I'm talking traditional fossil fuel, drill-baby-drill, Texas oil companies. So, not alternative energy, which, you know, really, there's been more of an environmentally, a kind of alternative energy push under the Biden administration. Those stocks haven't done well. We are producing more oil than we ever have in this country's history. Other sectors that have done well under the Biden administration: financials, industrials, mid caps, mid-cap value. And under the Trump administration, if you were to look back under that playbook, it was tech, it was growth, it was Chinese stocks. So we have this in Market Intelligence.

To us, it is speaking to the lack of connection between policy—or rhetoric—and market performance. That's why we do not use politics in portfolios. In fact, it's often giving you the exact opposite results as you would have thought. The hardworking families of America are what drive the economy. Corporate profits drive markets. And often the starting valuations matter the most, too.
I mean, under the Biden administration, coming in after energy prices have been taken down so much because of Covid, that was a starting point. There was a lot of deep value available at that starting point, and now it's come back. So again, we're doing a lot more of the work of what's driving the economy, what's driving the markets. It's earnings. It's corporations. It's the jobs market. And, politics, I'm sure it’s going to be a big, you know, reason for a lot of ink to be spilled and a lot of media and links to be clicked. But we're trying to mitigate that as much as possible and focus on the fundamentals.

John Bryson:
Really helpful. We spent a lot of time talking about separating the good information from the noise, and you continue to bring us back to the good information. Folks. Matt and Emily can do the work for you. They're always keeping an eye on the market. You can follow them on LinkedIn. You can go to our website and get their most recent research.
Like I said, the Market Intelligence update, it will be up there soon. Matt. Emily, thanks so much for joining us. I want to wish you a happy eclipse day. Be careful. Wear sunglasses and it's done. You got it. and for those that are listening to the podcast or want to subscribe, please follow us on iTunes or visit our website, jhnvestments.com. You can catch up on all the different things that Matt and Emily are talking about, and all the different business-building ideas we have to offer. Thanks so much for listening.

Important disclosure:
This podcast is being brought to you by John Hancock Investment Management Distributors, LLC, member FINRA, SIPC. The views and opinions expressed in this podcast are those of the speaker, are subject to change as market and other conditions warrant, and do not constitute investment advice or a recommendation regarding any specific product or security. There is no guarantee that any investment strategy discussed will be successful or achieve any particular level of results. Any economic or market performance information is historical and is not indicative of future results, and no forecasts are guaranteed. Investing involves risks, including the potential loss of principal.


About our host

John P. Bryson leads the firm's investment consulting team, which is responsible for initiatives and businesses, including portfolio consulting, product channel consulting, exchange-traded fund capital markets, college savings, and stable value. He is a member of the John Hancock investment committee and the John Hancock 529 investment oversight committee, and he serves as chairman of the John Hancock pension and 401(k) investment subcommittee. Prior to joining John Hancock Investment Management in 2008, he held product management and development positions at Fidelity Investments in the intermediary and defined contribution business units. Other previous roles include client service, investment training, and product specialist positions at New England Funds and Putnam Investments. John earned a B.S. in Finance and an M.B.A. from Boston College.

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