1) Peaks – There have been ten-year periods when investors have earned about 20% per year. a. Since the Depression, there have been two such peak periods. b. These peak periods were the ten years ending in 1958 and more recently in1999. c. During these times, investors tend to b

Where are the opportunities? The Effect of Valuation on Expected Returns The chart illustrates the effect of current valuation on expected return over the next five years. Buying undervalued ETFs results in positive valuation returns. Buying overvalued ETFs results in negative valuati

So where are the investment opportunities as we start 2013? For us at The Headlands Group, this means “What are the undervalued markets and asset classes?”  Among equity markets, the most attractive individual markets are in Europe and the least attractive market is the US. Globally,