Shares have made a perilous ascent of Everest

Stockmarkets have risen so high they have run out of oxygen, says professional investor Paul Stappard. But there are still exciting opportunities if you know where to look.

Each week, a professional investor tells MoneyWeek where he'd put his money now. This week:Paul Stappard, senior portfolio manager, Societe Generale Private Banking Hambros.

Some say that investing is like "climbing a wall of worry" but it can often seem more akin to attempting a perilous ascent of Everest. Now it seems like we're standing on the top, but without any oxygen: many markets have advanced for several years now, but without the oxygen of earnings growth. From a forward earnings perspective, major global equity markets look pricey.

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Paul Stappard is senior portfolio manager at Societe Generale Private Banking Hambros.