Market Ethos - Rarefied Air

The S&P 500 is trading well above its long-term trend, leaving other indexes like the European Stoxx 50 and the S&P TSX well behind. We have been writing for some time that there is “value” outside of the USA, but to date the trend has remained intact and it has been the place to be.

We still argue for caution and liquidity in portfolios at this point, as history has painted a pretty clear picture on this kind of mean reversion.


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