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Apr 07 2020

Are Foreign Stocks Cheap Enough?

  • Apr 7, 2020

For those who must remain fully invested, an interesting (if not sickening) feature of the bear market is that those who entered it loaded with the most expensive and “trendiest” stocks and sectors have lost the least.

Dec 07 2018

The Downside Leaders Look Familiar

  • Dec 7, 2018

It wouldn’t be a December Green Book without at least one page of hand-wringing over the year’s extreme underperformance of foreign stocks.

Oct 26 2018

Assessing The Damage

  • Oct 26, 2018

Our tactical accounts remain positioned very defensively, and we have yet to see the sort of capitulative market action that would lead us to lift any existing equity hedges.


Oct 05 2018

The Two-Tiered Global Market

  • Oct 5, 2018

We should emphasize that our characterization of stocks as dangerously overvalued applies only to the U.S. market.

Dec 07 2016

America’s Already First...

  • Dec 7, 2016

Thanks to the U.S. dollar’s recent spike, foreign equities in dollar terms declined during November while the U.S. markets were celebrating a Trump victory. Thirty-nine of the 49 MSCI country indexes are in bear market territory from the perspective of a dollar-based investor.

Oct 07 2016

Foreign Equities: Cure For Altitude Sickness?

  • Oct 7, 2016

When we complain about the stock market’s inflated valuation levels, we’re unintentionally giving short shrift to the 50% of the global-market capitalization that resides outside the U.S. We’d be hard-pressed to describe the valuation of Developed foreign markets as any higher than neutral.

May 06 2016

Xenophobia Gone Too Far?

  • May 6, 2016

Donald Trump’s all-but-certain Republican nomination is somehow a fitting capstone to a stock market era in which it’s paid to be provincial.