Advisers still finding 'overvalued' US hard to ignore this Fourth of July

According to Old Mutual North American Equity fund manager Ian Heslop, the benchmark US S&P 500 index has posted a total return of some 100% over the past 10 years - effectively doubling investors' money if they had reinvested their dividends. On the same basis, the MSCI World index has returned 57% and Heslop goes on: "Thanks to the weakness of the pound, sterling-based investors have enjoyed a total 10-year return of 209% from the S&P 500 - more than tripling their money." Given this prolonged success, however, Heslop raises the question of whether US equities have grown overvalued,...