Author: Lawrence Hamtil

The Asian Financial Crisis 20 Years Later

The Asian Financial Crisis 20 Years Later

Next month marks the beginning of the 1997 Asian financial crisis, which saw the equity markets of several nations plunge more than eighty percent in less than two years, a drawdown the severity of which American investors have not experienced […]

The Market Is Not As Top-Heavy As It May Seem

The Market Is Not As Top-Heavy As It May Seem

In “Relative Equity Valuations, Diversification, and Creative Destruction,” I argued that one of the main attributes of the U.S. equity market, –  one that warrants it a premium to other global markets, – is its dynamism, which almost ensures that […]

What Will It Take For Europe To Outperform?

What Will It Take For Europe To Outperform?

Going back to December of 1970 (the earliest for which I can find data), the Wilshire 5000 total return index has posted 10.65% annualized returns (through April of this year), versus 10.4% for the MSCI Europe total return index.  Given […]

The Limits Of Mean Reversion

The Limits Of Mean Reversion

In his latest quarterly letter, GMO’s always interesting Jeremy Grantham lamented the refusal of U.S. equity valuations, and the stubbornly high profit margins that have sustained them, to revert to the long-term average.  Grantham writes: “We value investors have bored […]