In Year of "Improbable" Events, Stock Rally Is A Valuation Fairy Tale – ValueWalk Premium
Equity Market Valuation
20Jul2016

In Year of "Improbable" Events, Stock Rally Is A Valuation Fairy Tale

This is the year of the improbable, a BCA Research piece points out. The United Kingdom voted to leave the European Union. Donald Trump is in fact the Republican presidential nominee and is close to Clinton in the polls. The unlikely underdog Leicester City soccer team won the English Premier League. Perenial loser Chicago Cubs remain the odds on favorite to win baseball’s World Series in 2016. And the stock market is rallying to fairy tale levels, based on valuation relative to bonds.
Bond prices determine . . .

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Author

Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.

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