Monday Macro – talk about variance of returns, the bulls case for US equities and why UK equities deserve their low rating

Plus a link to an excellent interview between Charlie Morris and Capital Gearing. And why US discretionary investors are pushing stocks higher.

This week I want to explore two interrelated arguments: why US equities have outperformed, and why the bulls might be right to expect even bigger gains.

To do that, I thought I might start this week’s Macro note with the two tables below, which are derived from the weekly SocGen Quant market overview. My central message from these two tables is the mass…