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Equity Valuation Support Strong; US Looks Inexpensive

If you don’t mind a little instability, U.S. equity investors really can’t complain about the first half of 2019. Sure, it was a little volatile and who likes that? But with a roughly 17% return, the year is on track to be one of the strongest years since 2009.

So far, it’s been a tale of two markets, with two abrupt operating modes: risk-on when stocks rose, and risk-off when stocks fell and bonds rose. Now, as I have noted previously, recent ...

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