In financial markets today, the term “American Exceptionalism” has gained momentum, and rightly so, as shown in the chart below as well as in U.S. equity market returns compared with the rest of the world. Still, it can be argued that valuation for the S&P 500 is far from exceptional. Access it directly here: American …
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Markets, it is said, need a “Wall of Worry” to climb. Rarely has Mr. Market had such a formidable wall in which to drive his crampons than the current one. Growing war in the Middle East, the sturm and drang of ongoing inflation, unemployment, the enthusiasm and abundance of spending on AI (being met by …
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When I became partner at Tocqueville in 2000, we were at the tail end of the dotcom bubble. The previous five years had been characterized by a surge in technological innovation around the Internet, with U.S. companies leading the way. In equity markets, this resulted in a concentration of interest and fund flows into U.S. …
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The unholy gyre of political and societal extremes widened further in the most recent quarter, as did the distance, until just recently, between the reality of interest rate policy and the market’s hopes for it. Falconer-in-Chief Powell seems to have kept his eye fixed on the falcon, even if the lesser austringers who attempt to …
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