Value Investing in a Fairly Valued World

Investing in a Fairly Valued World via Trapeze Asset Management A Fairly Valued World For several years we have been arguing that global equity markets are undervalued and represent the best investment alternative given growing corporate profits (S&P 500 Index earnings have nearly doubled in the last five years), a favorable monetary backdrop and a recovering economy. For the first time since the financial crisis we see most developed markets as fairly valued. The S&P 500 (.INX) has reached our estimate of fair value on three occasions in the last three years (after which corrections followed) but the Euro crisis desynchronized…