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MSCI World

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.


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 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.

Sep 10 2013

Market Internals: The Good And The Bad

  • Sep 10, 2013

Leadership isn’t warning of impending weakness in either the U.S. economy or the stock market. Market breadth, on the other hand, is highlighting risks that aren’t evident when inspecting leadership alone.

May 04 2012

VLT And Foreign Markets

  • May 4, 2012

Exploring VLT (Very Long Term) Momentum readings in foreign markets versus the S&P 500.