On a high: the continued advance of equities means one influential strategist sees almost no value in the US market and precious little elsewhere.Photograph: Brendan McDermid/Reuters

The US stock market is “hideously expensive,” according to James Montier, an influential strategist with GMO, a global investment management firm bas(...)

Pan-European indices have advanced just 3 per cent in 2014, compared with double- digit percentage gains in the United States. Might 2015 see a revers(...)

Pause for thought: multiple signals indicate that the US stock market faces years of sub-par returns. Photograph: Andrew Burton/Getty Images

Bearish predictions of a market crash are largely hyperbolic, as we noted last week, but that doesn’t mean investors shouldn’t be concerned about valu(...)

There are a host of reasons why the vast majority of funds are destined to continue their underperformance in the coming decades. Photograph: Brendan McDermid/Reuters

The aim of actively-managed funds is to beat the stock market, but precious few manage to do so. This simple fact of life is perplexing to ordinary in(...)

Stocktake

Correction or not, investors may need to “buckle up for more volatility” following the recent “market rout”, Blackrock recently cautioned. Two (...)

Jeremy Grantham’s GMO has been warning for some time that US investors face subdued long-term returns due to elevated prices. Valuation warning signal(...)

A woman rides past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing. Photograph: Petar Kujundzic/Reuters

We have been noting that emerging markets are cheap, but not uniformly so. Some countries are cheap, others are expensive. Cyclically sen(...)

Jeremy Grantham is famed for his prescience on market bubbles

The US stock market is 65 per cent overvalued, GMO investing legend Jeremy Grantham warned recently, but nowhere near b(...)

Traders in the New York Stock Exchange: The US was the big winner of the 20th century. Excluding the US, real global returns averaged just 4.4 per cent. photograph: reuters

Over the long run, equities have enjoyed handsome returns, but does it follow that “buy and hold” invariably delivers for investors? Is it the (...)

Talk of a tech bubble is everywhere at the moment. The Nasdaq is above 4,000 for the first time in 13 years; social media stocks like Twitter, LinkedI(...)