Lessons Of A Bull Market That Never Happened
The good news is that markets are no longer anywhere near as overvalued as they were 10 (or two) years ago. Global markets, which hit a peak of about 25 times forecast earnings in early 2000, are now a more reasonable 16 times. The global dividend yield has doubled to 2.5%. The bad news is shares aren't cheap either. Skeptical value managers - a rare but valuable breed - argue shares may be 10% or 20% above fair value.