Global Sea Change Continues

Our long-standing theme has been that the US stock market is again a growth market. Whereas investors generally still believe that the emerging markets are a growth story, the data increasingly suggest that growth is now predominantly in the developed markets. When it comes to quality, transparency, and consistency of growth, the US seems to stand above other markets.

Download PDF



Charts for the Beach

Our basic positions are now famous (or infamous). We continue to favor US assets and to shield our portfolios from the on-going and broad problems in the emerging markets. In the spirit of August, we forego significant text this month to present a series of charts that outline a few of the opportunities and risks we see in the global markets.

Download PDF



Japan - The Land of the Rising Stock Market

We have been ardent bulls on the Japanese stock market since last Fall. We were quite alone when we first invested for this theme, but that changed quickly as the Japanese stock market rose. Today, everyone is talking about Japan, and the Japanese stock market's daily volatility has increased as leveraged, short-term traders now dominate daily results.

Download PDF


Wealthrack with Consuelo Mack - A New Investment Era

Wall Street veteran Consuelo Mack interviews Rich Bernstein, CEO of Richard Bernstein Advisors.

Watch Video




Never mind the taper. A comparison of historical and current fundamentals suggests investors are overly apprehensive regarding the Fed's taper of quantitative easing.  

Download PDF


Morningstar - Going for Growth in U.S. Equities

Investors' real-return expectations are too high for foreign stocks and too low for U.S. stocks, especially for small- and mid-cap names, says Richard Bernstein, CEO of Richard Bernstein Advisors.

Watch Video



The REAL Great Rotation

The phrase "Great Rotation" has come to mean a sizeable shift in asset allocations from bonds to stocks. We, too, believe that stocks are likely to secularly outperform bonds, but we don't think that is the "great rotation" about which investors should be concerned.  

Download PDF



Financial Times - Forget EMs, US investors should think local

The consensus in the US is that investors should focus on large-cap, multinational companies that offer exposure to global growth. Few have noticed the secular shift in performance that is under way in which smaller, more domestically focused companies are outperforming.

Download PDF