(Harvest) We dive into the bottoms up data of the shape of today’s market opportunity set for value investors and find we are in uncharted territory. In January 2018, the overall market valuation / GDP (“Buffett Metric”) surpassed the previous high in March 2000. The world looks very different compared to then as the rise of “Smart Beta” and popularity of value investing has tilted the landscape. Investors today should be very cautious and aware of their surroundings.
The Shape of the Market Today: Uncharted Territory
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