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.