Mr. Kostin, something unusual happened on the stock market at the beginning of the year: US stocks underperformed stocks from Europe. What was going on there? DAVID KOSTIN: One of the challenges in the US market is that profits are flat, but at the same time shares are quite expensive. However, with high valuations and no earnings growth, it is very difficult to generate a positive return in the US stock market. We therefore assume that European equities will show a higher return in 2023.
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