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Letters to Barron’s

Not mentioned in Andrew Bary’s piece are business development companies. With the tax-loss selling in last year’s final quarter, many of these stocks are selling below their net asset values and below 10 times 2018 earnings. I would be wary about drawing black-and-white conclusions from Nicholas Colas’ comment that mean reversion should start to kick in merely because the past 20 years for stocks have been quite below average (Up & Down Wall Street, Jan. 4).