On recent price action in equity markets, I think it makes sense to consider the bigger picture we outlined in our October Eye on the Market on the end of the colossal monetary stimulus cycle, and the typical way that cycles end: with asset prices peaking before the economy or corporate profits do. Since some of you have multi-day breaks coming up and time you might be looking to kill, I wanted to share our findings on a topic that many clients and members of our Board have asked about: the large amount of committed and unspent capital in private equity. Enjoy Thanksgiving dinner: it’s good for your family (see box). Then leave the room and read this piece when people start arguing about politics after dinner.

Michael Cembalest
J.P. Morgan Asset Management

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