Archives for June 2026

Rising yields are usually unimportant. In sharp contrast, valuations are always crucial. Australian and value stocks abate this major risk. In The Market is obsessed with the wrong things (25 March), Chris Conway wrote: “markets obsess over war and oil, but interest rates drive outcomes. Understand (central banks’) policy, and you understand the path of markets.” That, he … [Read more...] about High valuations – not rising bond yields – threaten American stocks

I’ve previously shown why value stocks excel; I now show why value ETFs don’t – and also why factor, sector and thematic ETFs are toxic. Over the past few months, I’ve demonstrated that value stocks greatly outperform “momentum” stocks (for details, see Why value investing crushes momentum speculation, 9 February); value also thrashes “growth” (Want to shrink your … [Read more...] about Why “value” ETFs underperform – and most ETFs are poison