High-quality equities are expensive. That's something we've been telling you for a while now (although we haven't been entirely sure what we should all do about it). A note out from one of our favourite analysts, Andrew Lapthorne at Socit Gnrale confirms the extent of the problem.
Thanks to the generally weak fundamentals across the board, the pool of higher quality assets has become more limited in the last few years. And if you try and screen the remaining ones by some kind of valuation filter, not much comes up.
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