By
Borsgade
In their recent Q4 2023 letter to shareholders, Thomas Shrager and the Tweedy Browne team review the past quarter and year – especially for large US tech companies. However, they are positive on international companies especially in the industrial sectors.
While market indexes rebounded rather aggressively during the quarter and for the full year, the advance was quite narrow in certain markets, particularly in the US where the bulk of the return of the S&P 500 was produced by a handful of tech-related companies known as the “Magnificent 7.”
Aside from this group, the average company did not perform nearly as well. Non-US equity markets, as represented by the MSCI EAFE Index, had broader participation, and performed quite well and have slowly been gaining ground on US equity markets.
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