Bitcoin, Gold, and Treasury bonds are all positive year to date, beating all other asset classes.
US stocks are now positive and outperforming the risk-free asset over the 3 month time frame. International equities are underperforming the risk-free asset. High Yield bonds are positive. Intermarket relationships are mixed.
Growth is below trend but accelerating from the lows. Inflation is beginning to accelerate as the dollar has broken to a negative trend. The US and global economy appears to be rotating into a stagflationary environment.
Gold is just getting started relative to US stocks. Valuations also support emerging markets over US equities. Alternative investments and private real estate could offer significant outperformance over US equities.
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