Market Ethos - September 24th, 2018


Market cycle: good but getting skinny


The current market cycle can be described as being “rather mature”. In this Ethos we examine our Market Cycle Framework, which while getting skinny remains supportive and well above the danger zone. Market breadth continues to narrow, which is also a common characteristic during late stages of market cycles. The divergence in global valuations is becoming interesting with international markets trading at a relative discount.