The Australian S&P/ASX 200 peaked on August 29 at 6352 but closed down 10.8 per cent on November 30 well down from that peak. This week it dropped even lower to finish under 5700.
The US S&P 500 peaked nearly a month later on September 20 at 2931 but also closed down at the end of November, 5.82 per cent off that peak and has gone lower since.
I am biasing towards equities especially after the recent sell off. This was and still is the “least overvalued” asset class – and remains cheap relative to mainstream fixed income.