If we think back to the performance with which we as U.S. investors are most familiar, it is that of U.S. equities. The simple fact has been this: The more exposure one has had to U.S. equities, the better the returns have been over most of the past decade. While we don't think there are any immediate signs of the U.S. bull market run ending, as we see in this piece, non-U.S. small caps have begun to outperform U.S. small caps, and their valuation advantage remains compelling. If people are looking over the longer term—we all know that the short-term is notoriously difficult to forecast—valuation advantages have tended to matter.view more white papers
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