Monday, March 24, 2014

Energy and Natural Resources at Historical Low Valuations

Price to book ratio of MSCI World Energy / MSCI World give a relative valuation of the energy and natural resources market.















Source Barclays, U.S. Global Investors

We are approaching 1999 / 2000 relative price levels, but remember that the ratio can still decline further before it turns up.

Geir Solem

Elliott Wave Technician
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