Hello and welcome to the five charts of Christmas, coming to you from a winter wonderland in New York, where as you can see, we celebrate Hanukkah as well as Christmas. Now one of the big themes to watch for in 2018 is whether the remarkable outperformance by US stocks, compared to the other stock markets of the world, can continue. As you can see, in the decade since the financial crisis which started here in the States, American stocks have performed remarkably better than the rest of the world. The recovery started here and that shows.
But at this point, American stocks are far more expensive than virtually any other markets you care to mention. And of course, growth is now coordinated. It's happening everywhere. Adds to that, that you saw this year some very positive economic news from the rest of the world. And particularly with the election of President Macron in France, you saw the rest of the world beginning to outperform. At this point, as we turn the year, however, people are doubting that once more. It's a fascinating theme to watch for 2018, can the rest of the world finally begin to catch up with the US stock market?