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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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Gold (84) Dollar (56) Easing (1) CPI (171) Market Rotation (2) Election (10) Inflation (585) Recession (69) Value (131) Growth (119) Factor Performance (18) Japan (48) Yen (7) Wealth Effect (9) Bank Lending (1) Resession (1) Time Cycles (6) Breakeven Rate (1) Oil (48) Treasuries (79)