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With the October numbers in the books, let's jump right into the charts!
Let's start with and international view on stock markets. The United States kept outperforming the (aggregate) rest of the world as the MSCI USA / MSCI World ratio put in a new high. In turn, relative to developed markets, emerging markets moved lower.
Let's take a more in-depth look at different national stock markets over the period of the last 3 years. The US stock market is up 71% and only got outperformed by Taiwan, which is up 91% in US$ terms. These two stock markets are followed by India (+65%), Russia (+61%) and New Zealand (+58%).
Let's take a look at some valuation metrics for the US stock market. The Shiller PE reached 39.29 and Market Cap to GDP reached 208.63%.
Segmenting the US stock market, Growth stocks kept outperforming Value stocks, while Small-cap stocks and large-cap stocks performed similarly over the last 2 years. Looking at different sectors, over the past 3 years, US Technology and US Consumer Discretionary outperformed the rest of the market.
Let's finish this months newsletter by looking at Crypto. Bitcoin reched a new all-time-high last month (in US$ terms) and currently costs 34 ounces of Gold. Over the past year, Ether outperformed Bitcoin and currently costs 4485$ per token.
Do you have different interpretations to the charts or do you have ideas on how to improve Longtermtrends.net? - I'd love to hear them! Feel free to reply to this email or to contact me on Twitter.
Thanks for reading and have a nice day!
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