15 years of no gains for global equities (ex-US)
GLOBAL EQUITIES: US VS THE REST
350
350
300
300
250
250
S&P 500
200
200
150
150
100
100
50
50
MSCI ALL COUNTRY EX-US
0
0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
1
Sources: Standard & Poor’s, MSCI, NBER
59
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