Crowd Sourced Sentiment: Pain Trade Is Still Higher

The calendar year may have changed recently, but the underlying trend in global equity markets has not. The bulls are still in charge and the major indices have all continued to track higher (talk about year highs when it is only a handful of days old is simply ridiculous although it happens!). In terms of Wall Street, as we and almost all value-based investors have noted, from a historical perspective it is hard to argue that US large cap equities are cheap, rather the contrary – they appear richly priced