Artemis' Weldon: The 'nuanced' case for US equities

By now, the broad outlines of the case against US equities are familiar: after a long bull market, valuations look high.

Meanwhile, the Federal Reserve, which has done so much to underpin asset prices, is becoming less supportive, shrinking its balance sheet (gradually) and raising interest rates (cautiously). How five big US equity funds could fare in a rising inflation and rates environment These are both valid concerns. Equally, however, the situation is more nuanced than this potted summary might suggest. If US equities look expensive relative to history on a price-to-earnings basis, the S&P 500's free cashflow yield is roughly in line with its long-term average.  And equities still look somew...