Good Morning. Cool chart from the analysts from Morgan Stanley showing which sector has risen the most in PE terms…
source: MorganStanley

…and this is the same for the S&P since 1960

http://www.businessinsider.com/stock-market-returns-decomposed-2013-11

The year isn’t over yet, but so far, equities are king….

http://www.businessinsider.com/stocks-outperformed-bonds-in-2013-2013-11

…which raises the question if stock markets are in a bubble. Robert Shiller thinks not (yet)…

http://online.wsj.com/news/articles/SB10001424052702303559504579197830356373734

…but if you read this GMO investment outlook, you will not be too thrilled by its 7 year outlook for stocks…

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/11/Grantham%20Letter%20Nov%2018%20-%20Overvalued%20Stocks.pdf

Is the fed behind the curve? (as asked by @Pawelmorski)

http://twitpic.com/dlq4cg

I have mentioned the report last week, but not sufficiently so: McKinsey takes a crack at the costs and benefits of QE… (via @MPNAdeBoer)

http://www.mckinsey.com/insights/economic_studies/qe_and_ultra_low_interest_rates_distributional_effects_and_risks

Is this a problem of productivity, or just simply the problem of measuring it?

http://www.businessinsider.com/credit-suisse-potential-growth-slowing-2013-11

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