Valuations — Dangerous Territory?
It’s that time of the year again. Over the past few weeks, banks and brokers have been publishing their outlooks for 2016, and roundups of 2015.
Goldman’s “Top of Mind” Global Macro Research report is just one of such roundups. The publication, issued at the beginning of this week takes a look at the principal themes that played out during 2015 and considers how they might evolve next year.
One of the key themes of 2015 was equity valuations. Heading into the year equity valuations were at historically high levels; They remain so in the US and Europe and less so in Japan.
In the US, the typical S&P 500 constituent currently has a forward...
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