Good Morning. Pretty well known fact, but there is nothing wrong to remind us once in a while: GDP growth does not mean high equity returns

http://www.businessinsider.com/correlation-between-equity-returns-gdp-growth-2013-11

And another chart on the risks for stocks based on the Shiller PE (CAPE). Thank goodness for the short run! (oh, and we are actually in the 20 to 25 range, but let’s not spoil the arrows here…)

http://www.ritholtz.com/blog/2013/11/a-few-words-about-valuation/

I am not completely certain whether Fitch is in fact warning on US housing prices, or that it is zerohedge adding some flavour, but here you go:

http://www.zerohedge.com/news/2013-11-06/fitch-warns-housing-bubble-says-unsustainable-jump-leaves-home-prices-17-overvalued

Q3 earnings in the US is done: earnings managed to surprise, but not impressively

http://www.bespokeinvest.com/thinkbig/2013/11/6/earnings-season-ending-with-a-whimper.html

Ah well, the German-US discussion is still going on. This is from a pro-US standpoint (from a gloomy European)…

http://fsaraceno.wordpress.com/2013/11/05/incomprehensible-really/

…and we KNOW in what camp Martin Wolf will be in….

http://www.ft.com/intl/cms/s/0/291a5ca6-42ec-11e3-8350-00144feabdc0.html

And the most undervalued ‘currency’ within the euroblock is….

http://www.zerohedge.com/news/2013-11-06/bofa-warns-further-euro-appreciation-problem

Is it just me, or is the seasonal pattern for gold changing with each season…?

http://www.zerohedge.com/contributed/2013-11-06/perth-mint-gold-coin-and-bar-sales-advance-october-price-dip

Obama managed to beat even Clinton when it comes to low government spending

http://www.marketwatch.com/story/i-was-right-under-obama-spending-has-been-flat-2013-11-06

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