Post-GFC US out-performance driven by EPS, not rates (or QE)
TRAILING EPS (INDEXED TO JAN 2007)
260
260
ROLLING 12M EPS. OPERATIONAL EARNINGS.
240
240
220
220
200
200
US MSCI
180
180
160
160
140
140
120
120
100
100
80
80
MSCI ALL COUNTRY EX-US
60
60
2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
1
Sources: MSCI, IBES/DataStream, NBER
60
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