“Stocks for the Long Run”: US… Tech.

Chart of the total return ratios below, indexed to 1990 (MSCI World ex-US Total Return only 20yrs back):
– Nasdaq 100 x S&P 500
– S&P 500 Equally-Weighted vs S&P500 Market-Cap Weighted
– S&P 500 vs Russell 2000 (small caps)
– MSCI World vs S&P 500
– MSCI World ex-US [non-total return] vs Nasdaq 100 [non-total return]

Bottom panel is logarithmic scale, starts in 1990 @ 100 (1999 for MSCI World Total Return… includes US):

So basically if you’re not in US Equities, especially tech, it’s been much harder.

– US Small Caps Total Return at 18yr lows x SPX.
– SPX Total Return vs Nasdaq 100 Total Return at 20yr lows.
– SPX Equal Weight Total Return x SPX Market Cap Weighted at 10yr lows.

The US has been a capital-sucking machine for the past few decades.

Indeed, “software is eating the world”, “sell software in a box”.


Feel free to get in touch. I will surely answer you when I find some time. A brief introduction would be welcomed.