Cyclicals Most Expensive Part Of The European Market
Cyclicals are the most expensive part of the European market right now, with almost record high valuations using both normalized PE and Shiller PE, according to Morgan Stanley (NYSE:MS) strategist Graham Secker, while telecoms and the energy sector have the lowest margins versus history. The combination of political risk, crowded positions, and tapering which is anticipated to begin by the end of the year, there have been more flows into European equities recently, and many people are predicting that . . .
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