Wall Street is on the cusp of a “real inflection point” in which investor expectations for returns will have to be lower, despite the US sharemarket inching closer to its record high, GQG Partners Rajiv Jain has warned.
The high-profile stock picker, who oversees the $260 billion ASX-listed asset manager, said US equities were trading at “pretty punchy” levels particularly when using trailing or past earnings to assess valuations.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Cécile Lefort is a markets reporter based in the Sydney newsroom. Cécile worked in New York and Hong Kong writing about global capital markets. Email Cecile at cecile.lefort@afr.com
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