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Emerging markets are trading on a Shiller P/E of 13x. This is the level of valuation that generally gets me excited. We have not experienced permanent impairment of capital from this level outside of markets that have shut down due to war. This doesn’t guarantee short-term returns or that we have reached a bottom: cheap stocks can always get cheaper. But it does provide a compellingly attractive entry point for those with a long horizon.
Even better are the value stocks within emerging markets, which trade on single-digit Shiller P/Es. So, embrace career risk, dare to be different, and recall the motto of the Special Air Service: Who Dares Wins.
The Fed just shot their bolt. Or maybe they were giving a one finger salute to the White House and Capital Hill.Retail sales plunged 20.5% during January and February over the same period in 2019, industrial output was down 13.5%, and fixed asset investment fell by nearly 25%, according to the National Bureau of Statistics. All three data points were much weaker than analysts were expecting, and the decline in industrial production was the sharpest contraction on record.
The data for March could be even worse.
"The slump in February was diluted in the data by being averaged with January, when most of the disruptions were yet to be felt," said Julian Evans-Pritchard, senior China economist for Capital Economics.
Dollar, Equity Futures Drop as Fed Slashes Rates (Bloomberg via Yahoo)
https://finance.yahoo.com/news/yen-extends-gains-fed-slashes-210909833.htmlAlso because, as @PRESSmUP put it, "Smells like fear."Futures on the S&P 500 fell 3.9%. The gauge advanced 9.3% on Friday.
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