Investing in the next cycle #4: equity leadership change
US VERSUS GLOBE EX-US RELATIVE EQUITY PERFORMANCE
320
320
160
160
80
80
40
40
20
20
LOG SCALE. US$ TOTAL RETURNS. US RECESSIONS SHADED.
10
10
25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 10 15 20 25
1
Sources: MSCI, GFD, NBER
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