Why US equities may not be a good buy

Question marks around valuations are providing a real headache for Asian investors wondering whether to buy, keep or sell their US equity holdings. Using equity valuations as a guide to future returns is notoriously hazardous; country GDP is even less useful. Neither will be much use when thinking about whether to shift from US equities this year. Per Moldrup, head of manager selection at Danish pension group Sampension, has drawn interesting conclusions about valuations on the …