We are looking back and notice that US-equities had their largest rally since 1938. Since 6th March the S&P has rallied 23.7%. In reshaping the financial landscape, equities as an asset class became very cheap. The current valuations are proving this and we found a chart of Goldman Sachs showing the Equity Risk Premium on an all time high.
We are charmed with what’s happening with BRIC and emerging markets. No bonuses have to be repaid there. Neither corporate jets to be sold. And also these markets are performing well. ALthough a little overbought for the moment.
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