US equities are unusually expensive
ANALYSIS: Why equity markets outside of the US are likely to outperform the US market in the event of a major market correction.
Defenders of the US equity market will sometimes say that reported earnings are understated.
US equities climbed to new highs earlier this month, seemingly buoyed by expectations that Trump’s tax cuts and tariffs will boost the profitability of US corporates. As of Friday, the US sharemarket (as measured by the S&P500 index) was 24.5% above its previous significant peak (which occurred
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