Watch Out for Expensive EM Markets

Published on October 30, 2024

The latest AI-driven euphoria, led by big tech names that include NVIDIA, has dominated investment sentiment in the post-COVID era. Of course, many investors know that this has driven the U.S. equity market to an all-time high, stretching valuations to an extreme level (U.S. CAPE is at the 98th percentile of historical observations!).

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The Benefits of a Flexible Core

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Investment grade bonds have long been synonymous with a “core” fixed income allocation, but we believe a flexible strategy also belongs in most bond portfolios, as managers can adjust their exposure based on market conditions.

Markets are Smarter than Government

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To paraphrase Milton Friedman: There are four ways in which you can spend money. You can spend your own money on yourself. You can spend your own money on somebody else. You can spend somebody else’s money on yourself. Finally, you can spend somebody else’s money on somebody else.