📈 This chart tells you everything you need to know about why US equities are outperforming once again 2025 EPS growth forecast of 10% vs 1-2% for Europe/UK/Japan And US exceptionalism is forecast to continue in 2026

⚽️ #FridayChartQuiz: football edition to mark the start of the new season Each phrase sounds like a British football team. Name them Feel free to confirm each others guesses to save waiting for me to respond

Chinese growth AND value equities have returned 40%+ in past 12m. Astonishing But almost entirely valuation driven. 12m fwd earnings for value stocks are lower today than a year ago "Quality" companies, where earnings outlook has picked up nicely, have underperformed by 10%

First time being interviewed in a proper tv studio today! Much happier with my performance this time compared with the other week Much better energy, more smiles, clearer points. I’m on 1:05-1-14 if anyone is interested (I get it if you’re not!) youtube.com/live/cO4rf_SJs…

🤯 UK and Euro value stocks have beaten S&P 500 over past 5yrs I'm willing to bet money that many of you would not have guessed this? Not just about $ weakness. They're also ahead in local currency terms Still think the only interesting stocks worth investing in are in the US?

Remove your US-tinted glasses: it’s been a Value and high dividend market outside the US Growth and quality have languished But because US ~ 75% of global, most people haven’t noticed

Check out this chart of share buyback activity at UK plc. What a trend Doesn't matter if talking FTSE 100, FTSE 250, or if exclude inv trusts. The pattern is the same. (although FTSE 250 vs FTSE 250 ex-investment trusts does highlight quite how active ITs have been)

People think they have more in UK equities than they do, believe they should have more in UK equities, are happy to invest more even if it means earning a lower return, and are ok with being forced to do so

🫣 Profits are for wimps. Revenues are for losers. Ideas sell, not fundamentals Over half the Nasdaq market is loss making. About 1-in-8 companies have no revenues There are a lot more in these camps than in the past

Own goal rightfully overturned after VAR intervention bbc.co.uk/news/articles/…

Anyone else at the Investment Association’s Scotland conference in Edinburgh today?

The cut to productivity growth really is a big one Now 1.5% in 2030, previously 1.8% Trend productivity growth now only 1.0% down from 1.3% And this *includes* expected gains from AI

From Duncan Lamont 10% drops happen in more years than not, 20% falls happen once every 4 years Schroders