27 Jan 2014

Time to Exit Emerging Markets?

…to MSCI compared to 4.6 for the S&P 500. That’s a discount of nearly one-third. (Developed markets stocks are even cheaper – the price-to-book ratio for the MSCI EAFE index…

10 Jun 2015

The Law of Unintended Consequences

…out opportunities. In the meantime, regulators are looking into the ā€˜increasingly brittle’ bond markets. Who knows, maybe they’ll actually fix it this time, although I won’t be holding my breath….