Guy Stephens: Are US markets too high?

A difficult investment case

clock • 5 min read

US markets are over-analysed and highly efficient, points out Guy Stephens, which leaves very little headroom for stockpicking and finding value - and that is before factoring in the current lofty valuations

This month marks 30 years since the stockmarket crash of 1987 - also known as ‘Black Monday' - and the time is certainly right to reflect on this anniversary and consider it in relation to the current state of affairs. Global stockmarkets have continued to race ahead - and none more so than in the US. One popular indicator is the Dow Jones Industrial Average, often simply abbreviated to ‘the Dow', which a year ago was trading at around 18,000 points. Today, however, it has surpassed the 23,000 mark - an increase of more than 27%. The index itself is made-up of 30 companies, which ever...

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