Monday Macro – global diversification away from the US is paying off YTD while stagflation slowdown risks increasing stateside

Plus, a deep dive into UK returns YTD, and why political uncertainty must have some impact

YTD numbers two months in…….

Okay, so we’re two months into the new year, and what’s the state of play in the equity markets? The big story is one you’ve heard many times in recent weeks in these letters: European equities are surging ahead, whereas US stocks have stalled. Despite the increasingly fraught international environment, European equities rema…