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will rahal

If you visualize the US Dollar as a 6-month leading indicator for the chart above, you can conceputalize how the performance is going to favor stocks with international exposure.The large caps should outperform the small-caps because of this exposure.
Also large caps are half as expensive as small-caps. See
wrahal.blogspot.com "Large vs Small Stocks"
(April Archives)

will rahal

Sorry, for the above comment
it should be "Small-caps vs Large-caps". Here is the link:


i am not sure why you find the results surprising? The dollar is declining and the economy is barely growing. On the other side of the pond the growth rate is higher and the currencies are rising.
I would've been surprised if the results were different than what u got.

Paul Hickey


I agree with you, which is why we were surprised that companies which rely more on sales from the US are actually outperforming companies which derive more of their sales from outside the US.


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