NEW YORK (TheStreet) -- U.S. stock market returns have been treading water for the year to date, with the Dow Jones industrials up just 0.18% for the year, while the Nasdaq is up only 0.22% (as of Friday's close.).
U.S. small-caps, last year's runaway asset class, rallied last week but it is still one of the worst-performing asset classes this year, down 4.15%.
Here is a current scorecard of where the various asset classes stand for the year to date:
U.S. economic growth continues to be muted, even factoring in weather-related weakness in the first quarter. This is one of the factors spurring a rally in bonds this year as investors now appear more concerned with recession than the prospect of higher interest rates.
Better Opportunities in India
So given the slow-growth environment here in the U.S., I continue to look for better opportunities abroad. One country with superior prospects for growth is India. India just recently elected a pro-business government that is expected to drive market-friendly economic reforms.
India's new leader, Nehendra Modi, was the chief minister of an extremely progressive State of Gujarat for the past 12 plus years. It is hoped that Modi can take his successful regional model and apply it to a very bureaucratic and corrupt national government system. It will not be easy, but the Bombay market is beginning to take off in anticipation of better days ahead.