So you've got this weird kind of imbalance within the US stock market.

We've got three sectors that are probably very expensive still, but then there's this

other group of everything else, the other eight sectors that probably offer reasonable

value.

And the way I've described it to people is I actually think the menu of opportunities

in the global equities markets right now is huge.

I think it's just monstrous. It's just not in the three sectors, the US tech, US communications

and US consumer discretion.

The three sectors, everybody loves.

I'm Chris Hill and that's Richard Bernstein, CEO and chief investment officer of Richard

Bernstein advisors, a firm with more than $13 billion in asset under management.

Before starting his own firm, Bernstein was the chief investment strategist at Merrill

Lynch, Bonticville senior analyst John Ratante caught up with him to talk about the basic

ways to build wealth through compounding dividends and the sectors that are showing strengths

at a time when liquidity is tightening up.

Just one quick note, this conversation was recorded on November 10th when the stock market

popped after a better than expected inflation report.

Let's start with your current macro view of the world and what you think that means for

the US stock market going forward.

John, as I think all your viewers know, there are about a million and five different

events and different things to worry about these days.

What we try to say at RBA is there's always going to be a lot of uncertainty.

...