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Investing.com – A group of U.S. investment bank strategists led by Mislav Matejka have warned that investors in the market have become overconfident and worrying. writes Bloomberg.
“Overconfidence in sentiment is evident, the volatility index () is near a record low, and the level of positions has increased,” JPMorgan experts noted.
They also added that fear of missing out (FOMO) is now in full swing in the markets.
According to Matejka, stocks of international companies continue to be more attractive than US stocks. According to the agency, a group of strategists led by Matejka maintains positions in shares of other countries of the world, in particular, Swiss securities, but at the same time they do not make the main bet on US shares. However, such a strategy has not yet paid off, as the dynamics of the US index this year is ahead of the index, which includes stocks from 23 developed and 25 developing countries, the newspaper writes.
The bank’s experts also noted that the forward price-to-earnings (P/E) ratio of 19x for the index is excessively high. While multiples are positively correlated with earnings-per-share performance, earnings revisions could be on the decline again, they said.
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Text prepared by Timur Aliev
2023-09-04 16:16:00
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