Both charts illustrate how expensive the S&P 500 is relative to the rest of the world, with these differences being rarely larger over the past 20 years. The S&P 500 is trading significantly above its historical average valuations and yields less than it typically does on average. Equity markets outside the U.S. are currently trading at nearly a 36% discount to the S&P 500 on a forward earnings basis, compared to the typical 17% discount. Additionally, the S&P 500 is yielding only 1.4%, while the rest of the world is yielding 3.2%. This indicates that international markets could be fertile hunting grounds for investors seeking value and yield.
Investing Wisdom
"The Bears are intellectually superior and do much more diligent research than the Bulls. The Bulls, however, end up with most of the money!"
- Joe Barry
The Lighter Side of Investing
Employee Happenings
It was another busy month for the Barry Team!
Thank you to all who were able to attend Joe's 50th work anniversary celebration! It was wonderful to see so many clients and hear from those who were unable to attend. Joe is an inspiration to all!
Katherine Taylor celebrated her birthday on June 16th and Liz Garvey celebrated her birthday on June 18th. Happy Birthday to both of you!
