As the global economy begins to reflate and show tepid signs of recovery investors have all piled onto the same side of the boat into the cyclical industries. In more evidence that everyone is in the same trades comes this excellent graphic out of Axa Investment. Cyclicals in Europe are more expensive than they’ve ever been:
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.