Executive Summary
- A new model suggests that from early 2017 through much of 2018, the U.S. stock market was a bubble.
- Driven by negative changes in sentiment, the bubble started to deflate in the fourth quarter of 2018, in spite of strong fundamentals.
- Our advice, consistent with our portfolio positions established in Q1 2018 – as usual, we were early – is to own as little U.S. equity as your career risk allows.
Download to read the full article.