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No change

Sep 25, 2024

This is the latest back-to-school valuation update. From our perspective, there is little change compared to 12 months ago. The US, led by its megatech giants, is trading at 21.4 times its 12-month forward earnings, significantly higher than its 20-year average and placing it in the top 10% of valuations over the past two decades. With the US now accounting for 71.5% of the MSCI World Index, it’s unsurprising that the valuation trend is similar across the MSCI World. In contrast, other developed markets—Japan, Europe, Asia—and emerging markets are trading closer to their respective 20-year averages. Given the current environment, we expect investors to continue paying a premium for US stocks, particularly in the technology sector, and we don’t anticipate this valuation dynamic to shift in the near term.

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Sep 25, 2024