Overseas stocks are significantly undervalued compared to the U.S. stock market and present an opportunity for investors in 2024, according to Ritholtz's Josh Brown.
The fund had a total return of 20% in 2023, compared to 26% for the S & P 500.
The MSCI index is currently priced at 12.8 times earnings, compared to the S & P 500's 20 times, according to Morningstar data.
Yet Brown, who co-founded Ritholtz in 2011, believes overseas stocks could still outperform if central banks cut interest rates.
Correction: This article has been updated to reflect that Ritholtz's Josh Brown said global stocks' discount to the S & P 500 is double its historic average.
Persons:
Ritholtz's Josh Brown, Brown, CNBC's, ACWI, Josh Brown
Organizations:
Wealth Management, U.S, ETF, Morningstar
Locations:
Japan, Europe, U.S