Has the S&P 500 underperformed?

ON NORTH AMERICA

Investors thinking now is the time to buy US small caps are wrong - large caps are underperforming argues Artisan Partner's George Sertl.

The US stock market has performed well in recent years as the economy has maintained a steady, albeit subpar, expansion following the 2008 financial crisis. Equities have benefited from a strong rebound in corporate earnings, first due to cost cutting, and then followed by improved global demand. The positive backdrop for riskier assets has been aided by ample liquidity supplied by the Federal Reserve. Valuations are clearly not as cheap as they once were, but we still think there are selective opportunities in US stocks, particularly in large-cap equities, which have trailed their...