The biggest part of the profit cycle now lies behind us. The sort of profit growth we have seen over the last few years will be hard to match. In this environment shares are trading at fair value and are certainly not undervalued.
Dirk Thiels
environment growth lies fair hard profit part
The fundamentals for European shares are good. A strong economy, good earnings and positive outlooks all combine to make them attractive.
positive good strong economy attractive
Growth seems to be picking up. We are somewhat more optimistic on European shares.
growth optimistic
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