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Underperformance

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.

Jan 08 2016

Foreign Stocks: The Value Trap Persists

  • Jan 8, 2016

Foreign stocks’ perpetual underperformance has opened up a valuation gap that should look extremely appealing to anyone with a horizon of more than two years. But proceed with caution.

Jan 08 2015

Small Caps: A New Ratio!

  • Jan 8, 2015

Small Caps lagged the S&P 500 by almost ten percentage points in 2014, but their underperformance streak technically dates back to April 2011. Nonetheless, their cumulative, 45-month underperformance in relation to the S&P 500 (now about –18%) is still modest enough that any mention of the current “Large Cap Leadership Cycle” is bound to draw a few head scratches.

Jan 08 2014

Stock Market Leadership In 2014: Large Caps, Tech, Health Care

  • Jan 8, 2014

Following a great year for trend-following, capitalizing on key reversals in sector performance will be important in winning the 2014 performance derby.

Feb 05 2003

Financials…..Be Careful!

  • Feb 5, 2003

We think it is inadvisable to make a positive sector bet.

Feb 05 2002

View From The North Country

  • Feb 5, 2002

DALBAR study shows average investor missed out on 17-year bull market performance of 1984-2000.

Nov 03 1993

Bonds: Guaranteed Long Term Underperformance???

  • Nov 3, 1993

Time for an attitude adjustment? We have seen some fat returns on long fixed income securities since rates peaked in 1981. What can we expect from bonds in the future? To help answer this question we look at three sample bonds using a 5 and 10 year risk/reward framework.

Jul 05 1992

The Current Environment

  • Jul 5, 1992

Today the unexpectedly bad unemployment numbers were released. The Fed immediately announced an almost panicky half point cut in the discount rate. The economic recovery may not be for real.