Ritholtz Wealth Management

Stocktake: September was difficult for stocks but investors cannot complain

Market volatility non-existent amid recurring new highs

Market reactions to geopolitical unrest can be counter-intuitive

Key index looks less pricey when you exclude the top 10 stocks

Stocks have gained 13%, and the worst peak-to-trough drawdown has been just 4.2%

Since 2010, it has survived four separate declines of at least 80%

No one is attempting to justify some bubble valuations

Unfashionable value stocks soar while growth stocks such as Apple lag behind

Broad-based nature of rally suggests any pullback will not be a long-lasting affair

S&P 500 has gained more than 75 per cent, the best 12 months in its history

There are signs tech’s recent underperformance may not be a short-lived affair

Speculation is ‘running rampant’, but not everything is frothy

The simple reality is markets tend to be nonchalant about socio-political upheaval

Buying all-time highs can be scary but the reality is new highs are normal

Over 70% of fund managers believe contested election poses the biggest risk to equities

Many of the biggest market winners eventually become the biggest losers