Valuation puzzle
Equities are expensive. It’s difficult to argue against this. But does this also mean that markets will fall sharply? Assuming that there are plenty of other factors that could drag […]
The Great Lockdown Recession
The IMF published new estimates for the global economy, which weren’t great – to put it mildly. The coming quarters will be historically poor and the risks will remain thereafter. […]
The momentum for fiscal stimulus is building
US President Trump is calling for a payroll tax relief until after the US elections. Australia just announced a EUR 11 billion package to counter the adverse impact of the […]
It’s too early to get too gloomy about stocks
An unexpected and unfortunate outbreak of the coronavirus puts pressure on the sustainability of the increase in global growth momentum. The fact that the uptick in momentum had only just […]
The average return doesn’t exist (2020 edition)
Here’s this year’s update of the ‘average return doesn’t exist’ blog showing that the average return on equities is mostly a statistic, and is seldomly seen in reality. And last […]
2019 in tweeted charts!
Below is a relatively concise overview of financial markets in 2019 using a selection of charts I tweeted throughout the year. While this probably aggravates the already pronounced calendar-year thinking […]
Why Eurozone stocks have lagged
Since the low point for the equity markets during the global financial crisis in 2009, Eurozone equities have lagged their US counterparts by an impressive 300%. Why is this? By […]
Is the strength of the US consumer overrated?
The US consumer, which represents a bigger share of global GDP than China’s economy, has been the main driver of US GDP growth in recent quarters. Spurred by job and […]
5 charts (week 47)
Singapore electronics exports improve significantly Electronics export growth in Singapore, a bellwether for global earnings per share, improved significantly in October. While year-on-year electronics exports still recorded a double-digit decline […]
5 charts
Regime shift US stocks have outperformed their global and emerging counterparts by a mile in the last ten years. But this hasn’t always been the case. For example, in the […]
