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John Authers

Mega-Caps Looking Too Pricey? Meet the 99% Club

Malaysia, Poland, South Korea and Turkey are vastly cheaper relative to U.S. stocks than they were a decade ago.

Malaysia has done a good job of containing the virus, and stocks are cheap.

Malaysia has done a good job of containing the virus, and stocks are cheap.

Photographer: Rahman Roslan/Getty Images

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It has been four weeks since protesters in Minneapolis burned down a police station in reaction against the killing of George Floyd by police. These have seen remarkable drama on the streets and an impassioned debate in the U.S. and throughout the Western world about racism and justice. But those 20 trading days have seen an almost total lack of excitement in markets. Both the S&P 500 and long Treasury bonds are almost exactly where they were on the morning of May 28: