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1.Market Observations, 8.Was Sticky

27 July 2017 (AFR) – Citi’s Robert Buckland says bull market ‘miserable’ but not endangered

(27 July 2017, AFR, p24, by Vesna Poljak)

‘One of the world’s top sharemarket strategists thinks that the ongoing bull market is one of the most “bearish” ever, but it’s only mounting levels of leverage, not valuations, that look remotely sinister. Global equities are trading at between 20 and 21 times forecast earnings, mostly because US stocks are trading at 23 to 24 times, and that is “starting to get a bit rich”, according to Robert Buckland, the London-based global equity strategist for Citigroup. “Are they off the scale, 2000-style? No.”  Indeed, valuations were 50 per cent higher then. “Yes, valuations are looking rich, definitely the richest that they’ve been in…’

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