Over the past five years, Australia has been one the worst performing markets in USD terms, with 13% total returns in AUD and -18% total returns in USD. However, the outlook appears far less dismal when considering the theory of mean reversion: What goes up must come down, and vice versa. Remember prolonged periods of below average returns are normally followed by above-average returns. There is a high probability there will be a mean reversion for Australian equities, in which case they could well be the best performing market in the next five years. Read the full newsletter from Pie Funds here: (VIEW LINK)