US large cap stocks rose 1% in the third quarter, but most other stock categories (small, mid-, and micro-caps, along with international declined.  We believe foreign markets offer greater value and the potential for better earnings growth, but for that to be realized, overseas economies, especially in Europe, have to find the formula for a sustainable recovery.  Last week, ECB president Mario Draghi outlined plans to stimulate growth by initiating quantitative easing (QE) for the Eurozone starting later this month, just as the Fed is ending its QE program, which continues for at least two years and is expected to expand the ECB’s balance sheet by around €1 trillion, in combination with measures enacted so far.  

David Fuller's view

Here is The Weekly View.

Mario Draghi’s QE policy is sensible under the circumstances.  My impression is that he would have introduced it several years earlier, had he not been opposed by Germany’s financial ministers.