We are still constructive on the US equity markets at this time, but the recent run up has put equity valuations back into a position of a lesser upside. A mentor in the business once said “just eat the middle of the sandwich and let the heroes eat the crust” and that is where we see markets today. We may be a bit conservative, but Granite Group believes the US equity markets should be purchased at a lower entry point than where they are at the moment. On the other hand both European and Emerging Market valuations should have better long term upside from their current levels.
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