Is there 'too much goodness' priced into European markets?

Euro a headwind

Stocks are not as cheap as they once were, but that does not mean there are not opportunities for investors who are able to allocate globally.

I see a number of attractive opportunities in Europe for medium-term plays. Investors erupted from complacency to consternation at the end of January and beginning of February. The short-volatility trade unwound abruptly, but I viewed this more as a technical correction than a dramatic shift in the fundamental outlook. It is true that Europe faces a number of policy level challenges with Brexit negotiations ongoing, the likelihood that the European Central Bank will taper its asset purchase programme, and the possibility of a trade war breaking out with a presidential decree looming l...