The Lords of Silicon Valley are supposed to be the drivers
of our economy, and they certainly are this era’s economic rock stars. But at least for now, according to this
week’s Non-Farm Payrolls report, the lowly blue-collar folks out in “flyover
country” are experiencing a renaissance in jobs that has been a long time
coming – up 31,000 jobs for November. Whether one credits Trump or
not, the jobs growth is currently quite real in manufacturing – and just for
irony, note the decline in the high-tech “Information” category is down 4,000 jobs.
Womack Weekly Commentary September 18, 2017 The Markets “In theory, there is no difference between theory and practice, in practice there is.” Yogi Berra was talking about baseball, but the concept also applies to diversification, according to the GMO White Paper, The S&P 500: Just Say No . From the title, you might think the authors – Matt Kadnar and James Montier – don’t like U.S. stocks. They do: “Being a U.S. equity investor over the past several years has felt glorious. The S&P 500 has trounced the competition provided by other major developed and emerging equity markets. Over the last 7 years, the S&P is up 173 percent (15 percent annualized in nominal terms) versus MSCI EAFE (in USD terms), which is up 71 percent (8 percent annualized), and poor MSCI Emerging, which is up only 30 percent (4 percent annualized). Every dollar invested in the S&P has compounded into $2.72 versus MSCI EAFE’s $1.70 and MSCI Emerging’s $1.30.” The au...
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