So you want to buy high and sell low?Richard Bernstein was interviewed yesterday on CNBC and I like what he had to say.
Using VTI and VXUS as proxies; US P/E is 1.5X higher than exUS, P/B is 2.1X higher, P/cash flow is 1.6X higher, P/sales is 2X higher, and dividend yield 2.5X lower.
If one believes as I do that high market valuation is an indicator of lower future returns, then I would contend that US future returns will likely be no different than other developed markets, and could potentially be lower, over the next decade or so.
https://www.cnbc.com/video/2026/01/15/t ... stein.html
He more or less said in spite of international markets performance last year, who cares? He is in the camp, based on the weight of the evidence his firm is using, that the US markets will outperform international over the next few years in this bull market.
I can't argue with the trend data so well tracked by Ciovacco Capital...![Image]()
As I have posted before, until that trend changes I have no desire to rebalance, let alone overweight international beyond what we already own.
CyclingDuo
Statistics: Posted by beardsicles — Fri Jan 16, 2026 10:21 am — Replies 10223 — Views 2342780