Published June 26, 2026
Just a brief note this week as the stock market continues a slow summer grind. While the action at the broad index level has been flat overall (the S&P 500 and Nasdaq both sit roughly where they were seven weeks ago), the action underneath has been furious. There has been a serious rotation OUT of the Mag 7 stocks that have powered this market for so long. (more…)
Published January 6, 2023
After the dot.com market crash of 2000-2002, international stocks went on to outperform U.S. stocks until the 2008 Great Financial Crisis. That rise was driven by two factors: 1) the “buildout” of China which pushed any and all commodity-related stocks (e.g. industrials, materials thus emerging markets) higher, and 2) the decline in the dot.com darlings which had become outrageously priced.
It usually happens that the leader of the market in one cycle becomes the laggard in the next as the excess is worked off. So it was post-2002 as the chart below shows with the black line highlighting the period where international stocks outperformed. (more…)