Global Equity Risk Premia

Global Equity Risk Premia
Monday, February 7, 2022
Worldwide, Turkey, Russia, Italy and Taiwan offer the best values (the US offers the second worst). Within the US, small-cap is on sale, while large cap growth is more than fully valued. Energy is the most attractive sector, tech the least.
Global Equity Risk Premia
Monday, August 2, 2021
Risk premia have widened everywhere over the last quarter, pretty much in lockstep. The US had the narrowest-versus-mean before, and it still does. 
Global Equity Risk Premia
Thursday, April 15, 2021
The US ERP, halfway down to the pre-GFC mean, makes US stocks the least attractive in the world. There are lots of opportunities to play catch-up in Europe and Asia.
Global Equity Risk Premia
Monday, January 11, 2021
Equity risk premia are contracting everywhere. In the US, the S&P 500's is within 8 bp of the tightest since the Great Financial Crisis.
Global Equity Risk Premia
Monday, November 9, 2020
ERP's are pretty normal everywhere in the world, except for Europe which halfway to repeating the tragic mistake of lockdowns.
Global Equity Risk Premia
Tuesday, July 28, 2020
Four months after the late-March bottom, equity risk premia worldwide have all mean-reverted. In a world of extreme disequilibrium in so many ways, equities and fixed income appear to be in perfect equilibrium.
Global Equity Risk Premia
Friday, April 24, 2020
Risk premia world-wide have healed from their month-ago peaks, back to about GFC means. You're going to want to check out the energy sector: negative forward earnings makes for a low ERP.
Global Equity Risk Premia
Monday, March 2, 2020
Testing the widest premia since the Global Financial Crisis, and the US is no longer the worst-valued country.
Global Equity Risk Premia
Monday, November 25, 2019
Turkey, Brazil and Spain are the best value propositions (US is third worst).
Global Equity Risk Premia
Monday, July 29, 2019
The US equity risk premium is just about the least attractive in the world.

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