October 4, 2018   Dear Investor,   The only stocks going up this year are U.S. stocks—on the back of Trump’s corporate tax cuts, which have increased earnings at domestic companies. But the effect of this tax break is already well baked into stock prices and U.S. stocks are now dangerously overvalued, trading at 18 times forward earnings and 25 times trailing earnings. Meanwhile, our higher weighting of international stocks, which...