Tour of the Global Equity Markets

Please find below our Mid-Quarter Update: Tour of the Global Equity Markets.

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1. Summary
We have a very precise methodology for dissecting the world’s equity markets. ​​​​​We take:

1)The top 85% of the market cap of each country.
2)We convert all prices to USD from local.
3)We eliminate any stock trading less than $1/share.
4)We eliminate the 10% least liquid developed market stocks and 50% of the least liquid emerging market stocks.
5)We equal-weight stocks into various different aggregates.

For the resulting universe of stocks, we convert their financials employing our proprietary intangible-adjusted methodology, where we capitalize all intangible investments. These resulting intangible adjustments impact flows, like cash flow, and levels like book value.

In the following analysis we dissect the global equity market in an attempt to uncover investment opportunities. In reality, this is a continuous process for us, but we thought sharing our data and insights would be helpful for investors to understand how we invest.