Monday Macro - market update, global valuations, and growth stocks charge ahead

Global equities are looking much cheaper but we’re still waiting for earnings to decline. Plus India’s travails…

First off, welcome to the many hundreds of new subscribers from the last week. For these newcomers, expect three issues per week, with Mondays focusing on big picture macro stuff, Wednesdays on ideas, and Fridays on useful weekend reading!

Back to business. Markets have been in a buoyant mood this year so far.  The FTSE 100 is up 4.22% year to date while…