The Ledger
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Asness: Expanding multiples drove 85% of US equity outperformance over 30 years
“Shows that U.S. Equities have indeed crushed global equities in the last, call it, 30 years. Don't hold me to the exact numbers, but call it 80, 85% of that victory has been multiples going up. U.S. Started out cheaper and is now considerably more expensive in…”