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Green Book December 2014

Ain't Nobody Happy in 2014?

Market gains have been less broad than in 2012 and 2013 (the Russell 2000 is 11% behind the S&P).  Valuations stretched to the point that the median S&P stock needs to drop -11% just to get back to average bull market peak valuations.  Can the surging dollar save Small Caps?  US Profit Margins rolling over but some sectors remain strong.


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