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MSCI USA

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 01 2017

The "Mo-Mo" Market Probably Isn't Finished

  • Dec 1, 2017

Momentum has had a terrific year relative to all other quant factors, but Wednesday’s action forewarns of the mayhem that will likely accompany the eventual rotation out of Momentum (and Growth) and into Value stocks.

Apr 07 2017

Global Valuation Checkup

  • Apr 7, 2017

Foreign equities beat the U.S. in the first quarter, but the performance gap that’s opened up since the 2007 market highs remains astounding. While foreign equity valuations (especially within EM) have rebounded from February 2016 lows, the bounce has done little to close the enormous P/E discounts relative 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.

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.

Dec 06 2013

Finding Value In “Forward Earnings”

  • Dec 6, 2013

Forward earnings might be the greatest Wall Street innovation in history: a tool that makes the stock market look cheap all the time.