The outperformance of the US equity market has been a significant and persistent trend for much of the past 10 years. US outperformance is intricately linked to the outperformance of growth over value stocks, or in sector terms, the dominance of the US technology sector over the rest of the global equity market. In this week’s macroeconomic review we discuss:
- The relentless re-rating of US equities
- The significance of bond yields and earnings growth outcomes
- The ability for the rest of the world to stage an earnings comeback and regain performance dominance over the US
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Written by
David Cassidy, Head of Investment Strategy
David is one of Australia’s leading investment strategists.