Given the ups and then downs for various stock markets during the course of 2015, one conversation right now around equities is their relative valuations as investors look to identify where the actual opportunities are.
For BlackRock’s Joe Williams, equity returns in Europe will be driven by corporate earnings rather than re-ratings, as he describes trend earnings in the next 10 years as representing “good value” given he is now starting to see the earnings half of the P/E equation coming through.
In conversation with International Adviser, he explains how he juggles the impact policy can have on a stock-picking strategy, why 13-14x PE is very good value…and why the UK is pretty much alone in its irrational obsession with Greece!
