Key point #3: equity leadership is set to change
HI-BETA GOODS PRODUCERS RELATIVE INDEX & EPS
130
130
* HI-BETA GOODS PRODUCERS (ENERGY, MATERIALS, INDUSTRIALS) VERSUS MSCI DEVELOPED MARKETS. † RATIO OF GOODS PRODUCER/ MXWO ONE YEAR AHEAD FORECAST EPS. US RECESSIONS SHADED.
GOODS PRODUCERS EPS/ INDEX EPS RELATIVE†
120
120
110
110
100
100
90
90
80
80
70
70
GOODS PRODUCERS/INDEX PRICE RELATIVE*
60
60
50
50
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25
1
Sources: MSCI, IBES/DataStream, NBER
83
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