Gavekal Capital: Stock Valuations and US Male Employment

Wednesday, October 9, 2013

Stock Valuations and US Male Employment

For the last 20 years, valuations on the S&P 500 have correlated pretty well with the 25-54 year old male participation rate in the US. The now 13-year old structural bear market in the US is easy to see. The recent turn down in this participation rate suggest caution on equity valuations.

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