Fidelity's Morse: European valuations are making me nervous

Valuations have doubled over five years

Fidelity European Values manager Sam Morse on investing in European stockmarkets and why the region is not as cheap as everyone expects.

Famous people, despite doing much else during their lives, are often only remembered for one short sentence: "my kingdom for a horse" etc. Mario Draghi may, in years to come, only be remembered for saying, five years ago, that the ECB would do "whatever it takes" to preserve the euro and, thereby, keep the eurozone together. At the time, 'Super Mario' would probably never have dreamed how successful this pledge would be in reversing the tide of pessimism. Neuberger Berman's Amato: A 'La La Land' twist coming for Europe Amazingly, in the first few months following his "whatever i...