Marketing Commentary- Q1 2004
What’s Been Happening? The recovery in the US stock market continues, although the pace has slowed. Earnings have been stronger than expected, and prices follow profits. Real Estate funds continued to outperform other asset classes, but as of March 31, REIT prices exceed underlying property values by over 30%, so the REIT correction of early April is no great surprise. Small Company stocks have dramatically outperformed Large Company stocks in recent periods. Historically, small company stocks lead recoveries, while Large Company stocks complete them. International funds have awakened from a...
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