Bonus Chart — The Monetary Factor & Valuations
1.Bonus Chart 1 — The Monetary Factor
I told you I have the receipts, here’s the global monetary policy map vs global stocks — we’ve seen a big wave of easing globally and the majority of central banks around the world are in rate cut mode.
Normally that’s the kind of thing you see at the bottom of the market cycle, so when you see this type of thing happening when a bull market is already underway and there’s no slip into recession that’s a recipe for upside and acceleration.
2.Bonus Chart 2 — Valuations
Meanwhile on the valuation front, there’s room to run.
Now to be clear, we’re no longer as cheap as it was at the cheapest point, but we’re still looking at valuations across Developed, Emerging, and Frontier markets at historically low levels — and all at a major discount vs USA.
Maybe we don’t ever see them entirely close that gap vs US, but even getting half-way there would be a major development in terms of re-rating and upside price action.
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