Late Innings

Many signs have emerged that may indicate we are in the late innings of our economic recovery and stock market advance in the United States.  While the S&P 500 has been resilient, what is happening below the surface doesn’t look healthy. Leadership of the U.S. market has narrowed and the factors and characteristics of companies […]

Europe on Sale!

We’ve all come across this common tourism message. During this decade, it applies to European stock markets, too. Investors avoided European equities and for solid reasons:  rolling crises, no growth, negative interest rates, and a dearth of political leadership. As a result, a yawning, historically wide gap opened between American and European market valuations. So, […]

International Investors Continue to be Attracted by US Yield Levels

US yield levels and interest rates reached record lows this week (below 1.4% on the benchmark 10-year US Treasury bond). However, the headline on the chart below sums up an interesting point: as other markets see such low rates, they make US interest rates look attractive by comparison to international investors. The chart, taken from Deutsche Bank […]