Seriously, what is going on with international?

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Tamalak
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Seriously, what is going on with international?

Post by Tamalak »

Stocks go up stocks go down. The market prices in expectations so the daily change in the market is by definition unexpected. That's how it's supposed to be.

So how is it, when I look at VTI, VXUS is worse almost every day? 8 or 9 times out of 10.

A random walk doesn't act like this. I shouldn't be able to predict the movement of a market with this much accuracy. And it is prediction, I've been saying aloud "how much worse is VXUS?" and behold, it's worse. I shouldn't be able to do that.

Different sectors outperform others over years or even decades, or in spikes over days, but this daily underperformance makes me suspicious.

My worry is not underperformance itself. Diversification means you'll always have a section of your portfolio underperforming. My worry is that international stock prices are being driven by something other than profit-seeking traders. Is there some law that requires european companies to invest in stocks for example? The same way a law that requires investment in bonds lead to negative-yielding bonds that peons like us should never buy? Government regulation can lead to worthless investments, could that be the case here?

Of course, the idea occurs that the reverse could be happening - that international stocks are being driven naturally but domestic stocks are being shoved off the rails by government. Either way would lead to bad mojo when it comes to long term returns. Either way, the consistency of behavior really freaks me out.

International stocks have gone nowhere in 20 years. This is not just one sector or region. This is representing 90% of the entire world's GDP. Has done nothing in 20 years. How is that possible?

Either:

1. Their profits are remaining at least steady, but P/E has gone way down over the time period, or
2. Their profits have managed to go down?? Over 20 years??

I can't find good historical data on international P/E so I don't know which is which
bikechuck
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Re: Seriously, what is going on with international?

Post by bikechuck »

Keep in mind that unless the fund is hedged there is a double move going on 1) The value of the securities 2) The change in value due to currency fluctuations.
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Tamalak
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Re: Seriously, what is going on with international?

Post by Tamalak »

bikechuck wrote: Wed Oct 14, 2020 9:01 am Keep in mind that unless the fund is hedged there is a double move going on 1) The value of the securities 2) The change in value due to currency fluctuations.
When I look at USD vs Euro, or USD vs Yen, I don't see anything very drastic.

And if it was the effect of currency fluctuations, then the difference in performance should be fluctuating. Not day after day after day.
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Re: Seriously, what is going on with international?

Post by jebmke »

How much of the US performance is dominated by the big tech companies? If you factored that out, how would it compare?
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Steve Reading
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Re: Seriously, what is going on with international?

Post by Steve Reading »

Tamalak wrote: Wed Oct 14, 2020 8:51 am So how is it, when I look at VTI, VXUS is worse almost every day? 8 or 9 times out of 10.

A random walk doesn't act like this.
OP, how about you make a spreadsheet with the daily returns of VXUS and VTI back a few years (say, since 2012)? Yahoo finance has them. Then tally them up and let us know how often this is actually happening.

Let us know, I'd be very interested :happy
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Re: Seriously, what is going on with international?

Post by Dottie57 »

Perhaps the view of various events is different in countries other than U.S. or difference in view of the future.
remomnyc
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Re: Seriously, what is going on with international?

Post by remomnyc »

Seriously, I have no idea what's going with international. Here are international p/e ratios: https://www.starcapital.de/en/research/ ... valuation/.

I keep myself diversified internationally because I know nothing. I don't want to end up in a situation holding all US if the US becomes Japan. I'd rather accept lower returns on international and remain hedged.

Whenever I start to doubt myself, I return to the callan periodic table of asset returns: https://www.callan.com/periodic-table/.
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Tamalak
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Re: Seriously, what is going on with international?

Post by Tamalak »

remomnyc wrote: Wed Oct 14, 2020 9:11 am Seriously, I have no idea what's going with international. Here are international p/e ratios: https://www.starcapital.de/en/research/ ... valuation/.

I keep myself diversified internationally because I know nothing. I don't want to end up in a situation holding all US if the US becomes Japan. I'd rather accept lower returns on international and remain hedged.

Whenever I start to doubt myself, I return to the callan periodic table of asset returns: https://www.callan.com/periodic-table/.
Thanks for the P/E link, that's a useful map, but to answer the question at the end of my post I'd need historical P/E data too :?

(What is happening in Ireland, to have a CAPE of almost 40??)
Last edited by Tamalak on Wed Oct 14, 2020 9:21 am, edited 1 time in total.
Valuethinker
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Re: Seriously, what is going on with international?

Post by Valuethinker »

Tamalak wrote: Wed Oct 14, 2020 8:51 am
International stocks have gone nowhere in 20 years. This is not just one sector or region. This is representing 90% of the entire world's GDP. Has done nothing in 20 years. How is that possible?
More like 75% of world GDP - now. Less in previous decades (China has caught up rather quickly).
Either:

1. Their profits are remaining at least steady, but P/E has gone way down over the time period, or
Yes. Profits have risen for companies, but it has been cyclical. For financial services companies, I doubt aggregate profits are higher now than they were in 2000 - in fact almost certainly not.
2. Their profits have managed to go down?? Over 20 years??

I can't find good historical data on international P/E so I don't know which is which
Doesn't Shiller produce a CAPE for international stocks?

There has been a degree of de-rating in international stocks - falling PEs. US PEs fell very sharply from 2000-03 (exploded due to loss making, then fell) - that was the de-rating of the Tech Media Telecoms stocks post 2000 bubble. Non US outperformed up to 2008.

Then came the Global Financial Crisis and everyone crashed together. After that:

- US financial stocks profits recovered much faster
- US tech companies went on a blaze - particularly the big 5

If you strip out the Big 5 all the measures of earnings growth and PEs would look a lot closer - US & non-US.

Since 2009-10 US stocks have been on enormous tear. But I did read something that since 2018 the US index has gone nowhere *ex* the Big 5? And that's a big ex, granted.

If you look at the European or Japanese indices you see very few technology stocks. ASM Lithography and SAP come to mind in Europe. Nokia is obviously pretty much gone. Japan you don't have big names in computer software or internet. China you have Tencent and Alibaba - so you do have those (and they are capitalised among the world's 10 largest companies, or were at one point).

What you do see a lot of is industrial companies -- and they tend to have lower PEs. Plus of course car manufacturers -ditto.

One thing you need to consider is PE is price per share/ Earnings Per Share. More so than international companies, US companies have been keen to conduct stock buybacks, even increasing leverage to do that. At current interest rates, that's a bit of a no brainer, as long as your Earnings Yield (E/P) is greater than your corporate borrowing rate, that will increase your EPS.
UpperNwGuy
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Re: Seriously, what is going on with international?

Post by UpperNwGuy »

I attribute the better US performance to the fact that all of the major tech companies are located here in the US. As long as that structural difference continues, I don't see ex-US stocks outperforming US stocks.
FIby45
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Re: Seriously, what is going on with international?

Post by FIby45 »

Foreign economies won't get bailed out by US Fed?

Just a guess.
aristotelian
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Re: Seriously, what is going on with international?

Post by aristotelian »

A different way of asking the question is what is going on with US large growth/tech?
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Re: Seriously, what is going on with international?

Post by mrspock »

Valuethinker wrote: Wed Oct 14, 2020 9:20 am
If you strip out the Big 5 all the measures of earnings growth and PEs would look a lot closer - US & non-US.

Since 2009-10 US stocks have been on enormous tear. But I did read something that since 2018 the US index has gone nowhere *ex* the Big 5? And that's a big ex, granted.
Did they strip out the top 5 international as well? For every period of outperformance of the US market? I doubt it. Pretty silly analysis.
lostdog
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Re: Seriously, what is going on with international?

Post by lostdog »

Mainly tech.

Investing is cyclical.

A long term buy and hold investor will have at least one stinker in his/her portfolio.
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Re: Seriously, what is going on with international?

Post by mak1277 »

remomnyc wrote: Wed Oct 14, 2020 9:11 am Seriously, I have no idea what's going with international. Here are international p/e ratios: https://www.starcapital.de/en/research/ ... valuation/.

I keep myself diversified internationally because I know nothing. I don't want to end up in a situation holding all US if the US becomes Japan. I'd rather accept lower returns on international and remain hedged.

Whenever I start to doubt myself, I return to the callan periodic table of asset returns: https://www.callan.com/periodic-table/.
Do you really think the rest of the world is going to perform well if the US turns into Japan? I don't. I think the US would, in that case, drag the rest of the world down with it.
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Re: Seriously, what is going on with international?

Post by RJC »

Is a Japan scenario even possible in the US? and what are the likely chances?

If it's something like 1%, should it have an impact on your AA?
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Tamalak
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Re: Seriously, what is going on with international?

Post by Tamalak »

lostdog wrote: Wed Oct 14, 2020 9:49 am Mainly tech.

Investing is cyclical.
Is it though? If it were, momentum strategies would work. Just tilt towards whatever's gone well recently and you're right every time except around the turn of the cycle. A momentum strategy shouldn't work as well as it has been lately.
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Re: Seriously, what is going on with international?

Post by Blue456 »

RJC wrote: Wed Oct 14, 2020 9:55 am Is a Japan scenario even possible in the US? and what are the likely chances?

If it's something like 1%, should it have an impact on your AA?
I think it depends what phase of your accumulation cycle you are in. So for example someone who is 30 years old with 200,000 in 401k and 100% US. A 50% drop and 30 year non recovery period is not something detrimental. This individual can simply hold on to domestic equities and for next 20 years invest 100% internationally. For someone who is in the 60s and 100% domestic, a 50% drop and 30 year non recovery period could be proven to be a disaster. I really think that Japan like scenario needs to be hedged with relation to your age. So ultimately, younger individuals could go 100% domestic with little risk but older one should consider being closer to market weight. That is just my take on it.
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Re: Seriously, what is going on with international?

Post by kolder »

aristotelian wrote: Wed Oct 14, 2020 9:33 am A different way of asking the question is what is going on with US large growth/tech?
Market has historically high expectations for large growth currently. Possibly for good reason, because COVID has pulled forward years of tech implementation in just a few months. If they can deliver/exceed the earnings growth that is expected over the next few years, they will continue to do well. Hasn't worked out that way historically, but maybe this time is different.
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Re: Seriously, what is going on with international?

Post by langlands »

lostdog wrote: Wed Oct 14, 2020 9:49 am Mainly tech.

Investing is cyclical.

A long term buy and hold investor will have at least one stinker in his/her portfolio.
I forget which thread it is, but I think Elysium showed that international underperformance was consistent across almost all sectors, not just tech. Financials is another obvious example.
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Re: Seriously, what is going on with international?

Post by jay22 »

I am done with internationals. I have started selling my ex-US equities and aim to reach 0% by year end. 10 years is a long time for the underperformance and I don't want to continue and see my portfolio drag with it. Sure, next year international might start to outperform US, but I'm willing to take my chances.

Looks like this is another W for Bogle!
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Re: Seriously, what is going on with international?

Post by TheoLeo »

What might contribute to the underperformance is, that innovative companies from outside the US often choose to list in the US because they expect a better listing price there. The two most hyped german biotech companies, Biontech and CureVac, listed at the NASDAQ this summer...
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Re: Seriously, what is going on with international?

Post by lostdog »

jay22 wrote: Wed Oct 14, 2020 10:15 am I am done with internationals. I have started selling my ex-US equities and aim to reach 0% by year end. 10 years is a long time for the underperformance and I don't want to continue and see my portfolio drag with it. Sure, next year international might start to outperform US, but I'm willing to take my chances.

Looks like this is another W for Bogle!

Would you have said the same thing the previous decade?
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Re: Seriously, what is going on with international?

Post by jay22 »

lostdog wrote: Wed Oct 14, 2020 10:18 am
jay22 wrote: Wed Oct 14, 2020 10:15 am I am done with internationals. I have started selling my ex-US equities and aim to reach 0% by year end. 10 years is a long time for the underperformance and I don't want to continue and see my portfolio drag with it. Sure, next year international might start to outperform US, but I'm willing to take my chances.

Looks like this is another W for Bogle!

Would you have said the same thing the previous decade?
I think it is more nuanced that this. Last decade it was a couple of %age points difference between the two, if I am correct. This decade, it has been close to 10%.

I think I can live with 2% underperformance but not with 8-10%. Also, with near zero rates, and trillions in cheap credit available, I'd be willing to bet that US equities would do much better than international in the next 4-5 years. If it does not, the underperformance won't be more than 1-2 percentage points. No surety, of course, but it is a wager I'm willing to take and allocate my resources accordingly.
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Re: Seriously, what is going on with international?

Post by HomerJ »

RJC wrote: Wed Oct 14, 2020 9:55 am Is a Japan scenario even possible in the US? and what are the likely chances?

If it's something like 1%, should it have an impact on your AA?
Sure it's possible that the U.S. stock market could go down one day and take 30+ years to recover.

No idea what the chances are...

But a big reason I have been 50/50 as I approach retirement is to make sure that my family remains warm, fed, and dry, even if that scenario happens.

I'm not counting on the stock market to always recover quickly. It probably will, but I'll be fine if it doesn't.

Sure, no more European river cruises, but with a paid off house, it doesn't take that much to cover base expenses.
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Re: Seriously, what is going on with international?

Post by Stef »

Not all of exUS sucks. It's mostly the European Union for obvious reasons that can't be discussed here.
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Re: Seriously, what is going on with international?

Post by Ramjet »

Personally, I think it is more important to be ideally diversified the closer you are to retirement. Similar to how it's more important to hold bonds the closer you are to retirement for safety. I'm not close to retirement, I hold no international stocks or bonds, but I will...eventually. For now, I'm ok betting on the US
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Re: Seriously, what is going on with international?

Post by Steve Reading »

jay22 wrote: Wed Oct 14, 2020 10:24 am I think I can live with 2% underperformance but not with 8-10%.
For one thing, if you just held 60/40 (no one is telling you to use ONLY ex-usa), then you underperformed by about 4%. Not great, but very far from a 8-10% underperformance.

Most importantly, what happens if Ex-USA beats USA by 10% yearly for the following decade? Isn't that the same problem and just as painful?

Or the pain of underperformance is only in one direction for you?
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Re: Seriously, what is going on with international?

Post by lostdog »

Ramjet wrote: Wed Oct 14, 2020 10:31 am Personally, I think it is more important to be ideally diversified the closer you are to retirement. Similar to how it's more important to hold bonds the closer you are to retirement for safety. I'm not close to retirement, I hold no international stocks or bonds, but I will...eventually. For now, I'm ok betting on the US
Betting is the keyword for some. Hope it works out. I would rather diversify.
Last edited by lostdog on Wed Oct 14, 2020 10:41 am, edited 1 time in total.
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Re: Seriously, what is going on with international?

Post by jibantik »

UpperNwGuy wrote: Wed Oct 14, 2020 9:30 am I attribute the better US performance to the fact that all of the major tech companies are located here in the US. As long as that structural difference continues, I don't see ex-US stocks outperforming US stocks.
Alright guys, we got the inside scoop. There is no way the market is aware that tech companies are located in the US. We now have an advantage over the market, BUY BUY BUY.
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Re: Seriously, what is going on with international?

Post by langlands »

Stef wrote: Wed Oct 14, 2020 10:25 am Not all of exUS sucks. It's mostly the European Union for obvious reasons that can't be discussed here.
Hm, not so obvious to me. Can you give a hint of what you're talking about? e.g. Brexit etc.
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Re: Seriously, what is going on with international?

Post by Ramjet »

lostdog wrote: Wed Oct 14, 2020 10:40 am
Ramjet wrote: Wed Oct 14, 2020 10:31 am Personally, I think it is more important to be ideally diversified the closer you are to retirement. Similar to how it's more important to hold bonds the closer you are to retirement for safety. I'm not close to retirement, I hold no international stocks or bonds, but I will...eventually. For now, I'm ok betting on the US
Betting is the keyword for some. Hope it works out. I would rather diversify.
Sure, it's a bet, but a less risky one than many on here make it out to be. Especially if it's not forever
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Re: Seriously, what is going on with international?

Post by jay22 »

Steve Reading wrote: Wed Oct 14, 2020 10:40 am
jay22 wrote: Wed Oct 14, 2020 10:24 am I think I can live with 2% underperformance but not with 8-10%.
For one thing, if you just held 60/40 (no one is telling you to use ONLY ex-usa), then you underperformed by about 4%. Not great, but very far from a 8-10% underperformance.

Most importantly, what happens if Ex-USA beats USA by 10% yearly for the following decade? Isn't that the same problem and just as painful?

Or the pain of underperformance is only in one direction for you?
What happens if the next decade is similar to this one?
As I said above, I am willing to bet that the over performance of ex-US (if it happens) will not be more than a couple of percentage points. I am placing my chips accordingly.
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Re: Seriously, what is going on with international?

Post by lostdog »

jay22 wrote: Wed Oct 14, 2020 10:46 am
Steve Reading wrote: Wed Oct 14, 2020 10:40 am
jay22 wrote: Wed Oct 14, 2020 10:24 am I think I can live with 2% underperformance but not with 8-10%.
For one thing, if you just held 60/40 (no one is telling you to use ONLY ex-usa), then you underperformed by about 4%. Not great, but very far from a 8-10% underperformance.

Most importantly, what happens if Ex-USA beats USA by 10% yearly for the following decade? Isn't that the same problem and just as painful?

Or the pain of underperformance is only in one direction for you?
What happens if the next decade is similar to this one?
As I said above, I am willing to bet that the over performance of ex-US (if it happens) will not be more than a couple of percentage points. I am placing my chips accordingly.
Here is that word again. I hope you're right but most novice investors should diversify.
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Re: Seriously, what is going on with international?

Post by jay22 »

lostdog wrote: Wed Oct 14, 2020 10:47 am
jay22 wrote: Wed Oct 14, 2020 10:46 am
Steve Reading wrote: Wed Oct 14, 2020 10:40 am
jay22 wrote: Wed Oct 14, 2020 10:24 am I think I can live with 2% underperformance but not with 8-10%.
For one thing, if you just held 60/40 (no one is telling you to use ONLY ex-usa), then you underperformed by about 4%. Not great, but very far from a 8-10% underperformance.

Most importantly, what happens if Ex-USA beats USA by 10% yearly for the following decade? Isn't that the same problem and just as painful?

Or the pain of underperformance is only in one direction for you?
What happens if the next decade is similar to this one?
As I said above, I am willing to bet that the over performance of ex-US (if it happens) will not be more than a couple of percentage points. I am placing my chips accordingly.
Here is that word again. I hope you're right but most novice investors should diversify.
Sure, I am not saying everyone else should follow what I am doing.
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Re: Seriously, what is going on with international?

Post by MarkRoulo »

Tamalak wrote: Wed Oct 14, 2020 8:51 am Stocks go up stocks go down. The market prices in expectations so the daily change in the market is by definition unexpected. That's how it's supposed to be.

So how is it, when I look at VTI, VXUS is worse almost every day? 8 or 9 times out of 10.
Pulling data from Yahoo finance I find that from Oct 1 to end of yesterday VXUS outperformed four days and VTI outperformed six days.

Can you please post the daily changes for each ETF that you are using to conclude 8 or 9 times out of 10?
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Re: Seriously, what is going on with international?

Post by Steadfast »

I'm just going to leave this here. Again.

Image
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Re: Seriously, what is going on with international?

Post by UpperNwGuy »

Steadfast wrote: Wed Oct 14, 2020 10:54 am I'm just going to leave this here. Again.

Image
Could you post a "growth of $10,000" chart to go with it?
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Re: Seriously, what is going on with international?

Post by willthrill81 »

Valuethinker wrote: Wed Oct 14, 2020 9:20 am If you strip out the Big 5 all the measures of earnings growth and PEs would look a lot closer - US & non-US.
U.S. still outperformed. Even SCV, which many now deplore, which started underperforming U.S. TSM in 2007 has still far outperformed ex-U.S. (3.43% real vs. .47% from 2007-Sep. 2020).
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Re: Seriously, what is going on with international?

Post by willthrill81 »

UpperNwGuy wrote: Wed Oct 14, 2020 10:57 am
Steadfast wrote: Wed Oct 14, 2020 10:54 am I'm just going to leave this here. Again.

Image
Could you post a "growth of $10,000" chart to go with it?
According to the Simba backtesting spreadsheet, from 1969-2019, real returns for the U.S. were 5.92% and 4.34% for ex-U.S.
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Re: Seriously, what is going on with international?

Post by Soon2BXProgrammer »

willthrill81 wrote: Wed Oct 14, 2020 11:02 am
UpperNwGuy wrote: Wed Oct 14, 2020 10:57 am
Steadfast wrote: Wed Oct 14, 2020 10:54 am I'm just going to leave this here. Again.

Image
Could you post a "growth of $10,000" chart to go with it?
According to the Simba backtesting spreadsheet, from 1969-2019, real returns for the U.S. were 5.92% and 4.34% for ex-U.S.
https://economics.harvard.edu/files/eco ... s28533.pdf

see "Table VII:Real rates of return on equity and housing" for additional data.
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Re: Seriously, what is going on with international?

Post by Steadfast »

willthrill81 wrote: Wed Oct 14, 2020 11:02 am
UpperNwGuy wrote: Wed Oct 14, 2020 10:57 am
Steadfast wrote: Wed Oct 14, 2020 10:54 am I'm just going to leave this here. Again.

Image
Could you post a "growth of $10,000" chart to go with it?
According to the Simba backtesting spreadsheet, from 1969-2019, real returns for the U.S. were 5.92% and 4.34% for ex-U.S.
Well, I am not investing from 1969-2019, I'm investing now and don't know where things will net out. So on the equity side we are 100% Total World Stock Index.
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Re: Seriously, what is going on with international?

Post by topper1296 »

I think digging into the sectors helps to explain it. The S&P leading sector is tech at ~25% with ~13% in finance stocks. Int'l is only ~12% tech and it's leading sector is financials at ~17% when financial stocks have been poor performers for a while now.
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Re: Seriously, what is going on with international?

Post by willthrill81 »

Steadfast wrote: Wed Oct 14, 2020 11:07 am
willthrill81 wrote: Wed Oct 14, 2020 11:02 am
UpperNwGuy wrote: Wed Oct 14, 2020 10:57 am
Steadfast wrote: Wed Oct 14, 2020 10:54 am I'm just going to leave this here. Again.

Image
Could you post a "growth of $10,000" chart to go with it?
According to the Simba backtesting spreadsheet, from 1969-2019, real returns for the U.S. were 5.92% and 4.34% for ex-U.S.
Well, I am not investing from 1969-2019, I'm investing now and don't know where things will net out. So on the equity side we are 100% Total World Stock Index.
Then why did you post a chart with performance from that period?
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absolute zero
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Re: Seriously, what is going on with international?

Post by absolute zero »

jibantik wrote: Wed Oct 14, 2020 10:41 am
UpperNwGuy wrote: Wed Oct 14, 2020 9:30 am I attribute the better US performance to the fact that all of the major tech companies are located here in the US. As long as that structural difference continues, I don't see ex-US stocks outperforming US stocks.
Alright guys, we got the inside scoop. There is no way the market is aware that tech companies are located in the US. We now have an advantage over the market, BUY BUY BUY.
Haha. BUY BUY BUY.
tenkuky
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Re: Seriously, what is going on with international?

Post by tenkuky »

lostdog wrote: Wed Oct 14, 2020 9:49 am Mainly tech.

Investing is cyclical.

A long term buy and hold investor will have at least one stinker in his/her portfolio.
Yeah, have you looked at REIT funds/ETFs?
Makes international look like a huge winner.
Steadfast
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Re: Seriously, what is going on with international?

Post by Steadfast »

willthrill81 wrote: Wed Oct 14, 2020 11:24 am
Steadfast wrote: Wed Oct 14, 2020 11:07 am
willthrill81 wrote: Wed Oct 14, 2020 11:02 am
UpperNwGuy wrote: Wed Oct 14, 2020 10:57 am
Steadfast wrote: Wed Oct 14, 2020 10:54 am I'm just going to leave this here. Again.

Image
Could you post a "growth of $10,000" chart to go with it?
According to the Simba backtesting spreadsheet, from 1969-2019, real returns for the U.S. were 5.92% and 4.34% for ex-U.S.
Well, I am not investing from 1969-2019, I'm investing now and don't know where things will net out. So on the equity side we are 100% Total World Stock Index.
Then why did you post a chart with performance from that period?
Because it’s the handiest I had available. And it illustrates the value of holding a global portfolio, in my opinion.
We don't see things as they are, we see things as we are.
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Steve Reading
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Re: Seriously, what is going on with international?

Post by Steve Reading »

jay22 wrote: Wed Oct 14, 2020 10:46 am What happens if the next decade is similar to this one?
Presumably you'd be just as hurt as you are now. Not sure how that answers my question.
jay22 wrote: Wed Oct 14, 2020 10:46 am As I said above, I am willing to bet that the over performance of ex-US (if it happens) will not be more than a couple of percentage points. I am placing my chips accordingly.
I get you think it's unlikely. What I'm asking is what if it DID happen? Would you be just as hurt as you are today? Or does the pain only go in one direction (you hate holding ex-usa if it underperforms, but don't mind not having it if it outperforms) for you?
"... so high a present discounted value of wealth, it is only prudent for him to put more into common stocks compared to his present tangible wealth, borrowing if necessary" - Paul Samuelson
MittensMoney
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Re: Seriously, what is going on with international?

Post by MittensMoney »

Fed is boosting US equities substantially, and I don't think they're buying Total World or ex-US at all.
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Steve Reading
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Re: Seriously, what is going on with international?

Post by Steve Reading »

MittensMoney wrote: Wed Oct 14, 2020 11:53 am Fed is boosting US equities substantially, and I don't think they're buying Total World or ex-US at all.
They're not buying USA stocks either...
"... so high a present discounted value of wealth, it is only prudent for him to put more into common stocks compared to his present tangible wealth, borrowing if necessary" - Paul Samuelson
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