Société de recherche indépendante en macro-économie et stratégie d’investissement

We have, we admit, a strategic bias in favour of the US market, which we have often expressed since 2009. We reiterated this position a year ago. Bear in mind that, in the past 40 years or so (i.e. since the markets have been strongly correlated), the US market has almost consistently outperformed the European market, contrary to what occurred between 1945 and the 1970s...