Having said all that, however, there is a case to be made for European stocks to start to outperform. And it need not rely on continuing success in the battle against the coronavirus, or on sweeping reform of the EU. Exclude the Fang internet stocks that cause much excitement, and the U.S. stock market looks very much like Europe — only more expensive. Looking beyond the genuinely impressive Fang companies, Europe appears to offer greater value.
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