Post-GFC US out-performance driven by EPS, not rates (or QE)
TRAILING SALES PER SHARE (INDEX TO JAN 2007)
220
220
US$ EPS SERIES. MSCI INDICES. † MXWDU INDEX. US RECESSIONS SHADED.
200
200
180
180
US (MSCI)
160
160
140
140
120
120
100
100
MSCI ALL COUNTRY EX- US†
80
80
2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
1
Sources: MSCI, IBES/DataStream, NBER
61
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