Foreign stocks are doing quite a bit better than U.S. stocks. If you just own foreign stocks, you are probably doing OK. But if you have a typical U.S. stocks portfolio that it is not just the Dow Jones, chances are your stock portfolio is worth less today than it was at the beginning of the year which means that the wealth effect that Janet Yellen was counting on to power the U.S. economy its not there when it comes to stocks. And I don`t think its there when it comes to real estate either, because I think real estate prices are off this year.
Related: iShares MSCI Emerging Markets Index ETF (EEM), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P Homebuilders ETF (XHB)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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- Video: Hidden Inflation
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- Trade Deficit & Q2 GDP Report
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