Valuations Relatively Rich in Europe: Bevan

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July 28 (Bloomberg) -- CCLA Investment Management Chief Investment Officer James Bevan discusses the outlook for worldwide markets and his subsequent investing strategy. He speaks with Guy Johnson on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

A lot of geopolitical risks.

Russian sanctions look like they could come through.

Flex i see a rolling over the digest we should be much more cautious.

I still see no real signs.

Everyone has been piling into europe.

If you look at the flow data, money has been pouring into europe.

That's what i am observing our valuations.

I think there are some that are worth looking at.

You can see value in companies like deutsche bank because the expectations are very low.

Contrast i see a lot of durable businesses very expensive.

I am offering valuations with plenty of risks associated.

Have we priced in a significant slowdown?

I believe we have.

I believe the markets got ahead of themselves.

I believe they are quite bullish.

John has been talking about 56% have eaten results.

Those results are down over the last quarter.

The revenue numbers are disappointing.

We had less strong revenue numbers.

They have not been investing adequately in new capital.

Long-term growth prospects in the corporate sector and the u.s. economy likely to be much less grand than many analysts are currently sick testing.

Should i be stepping back from the equity positions i put on?

I think you should we neutrally or modestly overweight.

I would be wary of retreating to the bond market.

I would also look at some markets people have been neglecting.

I could see reasonable value emerging in japan.

I would be looking at toyota.

These are areas of the world people love to hate.

I see some value among companies like samsung, companies really able to cope with difficult environments.

Evaluation is relatively benign.

Are you having to work harder to find opportunities?

Infinitely harder.

Now you have to work much harder to find real values.

In aggregate are all asset classes looking overvalued right now?

There may be a few gems left.

I think valuations are rich.

We have to see either a material pickup in growth.

We also drive down high levels in most economies.

Growth is what we need.

It is not what we are getting.

We are going to come back to you in a few minutes time.

What else have we got coming up?

Ryanair profits soared, giving a boost of confidence.

Last year incredibly tough.

Still the visibility is incredibly low.

A nine-month strategic review comes to a close.

The multimillion dollar man we sat with.

He tells us what makes a masterpiece.

We're going to tell you.

This text has been automatically generated. It may not be 100% accurate.


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