DNY59
Is it finally time for international stocks to shine? That question has been asked and answered negatively for 10 of the last 12 years if you compare the S&P 500 to the EAFE international stock index. The total return changes
Weekly Market Pulse: The Weak Dollar Effect
Summary
- Is it finally time for international stocks to shine? That question has been asked and answered negatively for 10 of the last 12 years if you compare the S&P 500 to the EAFE international stock index.
- Earnings growth has been better in the US. Earnings for European companies actually contracted from 2009-2019 by about a quarter, while US earnings grew by 40%.
- From February 2012 to September 2022, the US Dollar index rose 46%. While it has backed off some, it is still up 33% since early 2012.
- Earnings growth for Europe has picked up since the pandemic, and the difference has now narrowed to almost nothing.
Joe has worked in the financial services industry since 1992 in various capacities, including Operations Manager, Compliance Manager, Registered Representative and Portfolio Manager. From 1997 to 2006, when he founded Alhambra Investment Management, Mr. Calhoun was a Director of Investments at Oppenheimer & Co. Mr. Calhoun holds the Series 63 (Uniform Securities Agent State Law) and 65 (Uniform Investment Advisor Law) securities licenses. He has previously taken and passed the Series 7 (General Securities Representative) and Series 9/10 (General Securities Sales Supervisor) securities exams.
Joe proudly served in the U.S. Navy’s nuclear submarine service for 8 years (1983-1990) and was awarded several commendations including the Navy Achievement Medal in 1987. He studied engineering at the University of South Carolina and is a graduate of the U.S. Navy’s Nuclear Propulsion School. He founded Alhambra Investment Management as a registered investment advisory to address the needs of the individual investor. His market commentaries are widely read and published at various online outlets. He has appeared on Larry Kudlow’s program on CNBC and various radio programs. He is also an editor of the website RealClearMarkets.com.