With European indices approaching historic peak levels, it feels opportune to pursue investment strategies with a strong valuation discipline.
It is still possible to find undervalued cashflows, delivered by healthy but overlooked companies. Today's value managers must work harder still to avoid companies which are structurally challenged - the so called 'value traps'. The default assumption of mean reversion is inappropriate, more so today given the risk of technological disruption. We see the market from the perspective of four broad clusters: large cap value, cheap structural growth, mid/small cap value and sell-side vacuum. WisdomTree's Nossek: Can the European small-cap recovery continue? Interesting themes in th...
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