FYI: There are many more important things happening in financial markets than the major stock market indexes simply hitting new highs.
That’s not to denigrate the $6 trillion in paper wealth created in the U.S. equity market this year, according to Wilshire Associates’ sums. Or the Dow Jones Industrial Average’s 18.7% ascent in 2019, topped by the S&P 500’s 23.4% advance and the Nasdaq Composite’s 27.7% gain.
While the popular indexes hover at historic highs, significant shifts are happening in the markets. Investors have been moving away from “havens” that tend to benefit from economic weakness and bear markets. That trend most notably has been seen in long-term bonds and their equity proxies. And many sectors have been left behind, including value stocks and non-U.S. equities.
Regards,
Ted
https://www.barrons.com/articles/stocks-keep-hitting-record-highs-where-to-find-values-now-51573261145?mod=hp_DAY_1
