What is making US stocks good value for the first time in two years?

For investors in US equities, October was a painful month. But at least we did not suffer alone - it was a brutal month for almost every asset class. Amid fear and panic selling, only gold posted a meaningfully positive return.

After that sell-off, moreover, we can - for the first time in two years - say US stocks are unambiguously good value. At the time of writing, the market trades on a forward P/E of just 15x. That seems attractive, particularly given the US market's pronounced bias to growth stocks and the underlying strength of the US economy. Even before that correction, earnings were growing so rapidly that valuation multiples were falling. Earnings across the S&P 500 seem likely to have grown by around 26% this year. Liontrust's Clements: A Thanksgiving letter from America Some of this, admittedl...