Picking stocks has been a tough job for the past few years, and the situation hasn’t gotten easier in 2016. The S&P 500 posted its fifth straight month of positive returns in July, taking year-to-date returns to 8% at the end of the month. However, despite these relatively impressive gains equities have still underperformed gold, Treasuries, and credit this year.
Year-to-date gold has gained 27%, long-term Treasuries are up 18%, investment-grade credit has added 9%, and emerging market stocks are up 8% in local currency or 12% when converted back into dollars.
Equity gains are not limited to one particular sector or style. Indeed, during May of this year, Value as an investment style seem to be regaining...
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