Closed-End Fund Market Commentaries
Dec 7, 2017
Click here to access This Homebuilder Index Is Still Well Below Its All-Time High
View from the Observation Deck
1. Investors are likely aware that most major U.S. equity indices have been setting numerous record highs over the past year. There are, however, niches of the market that have lagged the broader stock indices.
2. Today's post shows that while valuation levels of homebuilder stocks are up sharply from their bear market lows in 2009, valuations still reflect a notable discount to their peak, set in July 2005 (see chart).