Divergent Paths

(1) Robert Frost’s poem. (2) High vs. low roads. (3) Fed going north, while ECB going further south. (4) Global secular stagnation remains the end destination. (5) Strong dollar depressing commodity prices. (6) Headwinds for US exporters. (7) Easy money and cheaper currencies can’t solve all problems. (8) The unintended adverse consequences of negative interest rates. (9) Surprisingly little impact of strong dollar on S&P 500 aggregate earnings. (10) LargeCaps have led this year, but SmallCaps showing some leadership now.