On Markets’ Valuation

This is my weekly column on Forbes.fr
It is available in French here

Here is the English version

The financial markets are carrying high prices in industrialized countries and this makes for some seriously tough choices for investors who want to invest their capital. Very low interest rates mean very expensive bonds. Meanwhile, the equity markets have recently staged a spectacular rally, particularly in the US after Donald Trump’s election. Seeking to invest savings on markets that are already expensive or very expensive is a difficult and complex process. In the past, we have always seen a wide range of assets with vastly differing valuations, so choices were easier as there were often assets that had been neglected by investors and carried a discount. But things no longer work that way for a number of reasons.

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