Can US equity dominance continue?

Written By Dan Dowding

"A new paper by Cliff Asness and colleagues at aqr Capital Management sounds another note of caution. They adjust returns for changes in valuations, finding the vast majority of American outperformance is because valuations have soared. Of the 4.6% premium American stocks have commanded, some 3.4% exists because price-to-earnings ratios in America rose. Just 1.2% comes from fundamentals, like higher earnings."

The full article is below:
https://lnkd.in/eJgpTxCV

Dan Dowding
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