Is the U.S. Stock Market Bubble Bursting?

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GMO White Paper

• A new model suggests that from early 2017 through much of 2018, the U.S. stock market was a bubble.
• Driven by negative changes in sentiment, the bubble started to deflate in the fourth quarter of 2018, in spite of strong fundamentals.
• Our advice, consistent with our portfolio positions established in Q1 2018 – as usual, we were early – is to own as little U.S. equity as your career risk allows.