US bull run shows no signs of stopping

While many managers have been fighting the trend, it is difficult to ignore the continued outperformance of the US.

In dollar terms, the divergence of the S&P versus the Eurostoxx year to date has been a startling 15.3% with the S&P returning 9.1% and the Eurostoxx losing -6.2%.  With manufacturing ISMs (Institute of Supply Management survey) at 61.3 and wage inflation running at 2.9% year-on-year, one could view this as an overheated region becoming ever more overheated.  But what is wrong with investing when economic fundamentals are so strong? Though all good things must come to an end, the US bull run, while slowing, shows no signs of stopping. An EM crisis is unlikely Although many of th...