Though the past half year has tested the nerves of many investors, there is plenty of value in European blue chips despite the threat their share prices will be overwhelmed by macroeconomic events.
Our investment universe provides no shortage of globally leading franchises whose head offices and stock market quotes happen to be in a European country. A number of European companies have benefitted from a long-standing, firmly entrenched global presence. At the corporate level, we have seen European companies vigorously reign in their cost bases and reduce their working capital requirements, becoming much leaner as a result. When credit was crunched, inventory liquidation was not limited to the financial world: in the real world, stocks of physical goods were liquidated, capex sla...
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