Vestor Capital Quarterly Commentary
October 5, 2018
World equity indexes are a tale of two markets. U.S. markets have been strong in 2018, with the S&P 500 up over 10%, and the technology heavy NASDAQ Composite up over 17%. On the flip side, developed international markets are down fractionally, while emerging markets are down 7%. This performance discrepancy has caught many market forecasters by surprise. After international stocks performed better in 2017, many market analysts thought this would continue into 2018. What changed is that while growth has been accelerating in the U.S., it is slowing outside the U.S. The market is recognizing and pricing this divergence into equity valuations.
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