US Quality Stocks Are on Sale: Manulife JHI's Miskin
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Lisa Shalett of Morgan Stanley making the point that she believes this is a market looking for a credible narrative. Do you think there is one? Earnings growth is the last bastion and the most important fundamental driver of stocks in the US. Earnings growth is there. We're seeing about 13 14% earnings growth, but no one cares actually. US quality stocks are the worst performers within the US equity market and for the global market, quality is on sale. The US is on sale. The sell American trade that we've seen for much of this year has made U.S. assets of the best value we're seeing per pound for pound for the earnings growth are getting. So earnings growth is the only thing that's going to get there. In Europe, earnings are down on a year over year basis. About 4% in small caps are down and midcaps are about flat. U.S. large cap quality stocks have the best earnings. The only problem is markets don't seem to be paying attention to it.
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