As you have correctly guessed I am not an expert on corporate valuation. I offer no equity investment advice.

My personal strategy dictates that I stay modestly long global stock markets at this juncture.

I like US markets a lot, but I recognize that they are getting expensive on the currency-adjusted basis.

I am a big believer in buybacks as the best way to create shareholder value in a low interest rate environment, but I have no tools to evaluate the extent of the leverage risk.

The global debt contagion is always a concern, as I have emphasized in my post on March 8th. I would look for companies with good CFOs to minimize the blow-up risk.

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Berkeley, CA 94704


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