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For one Commonwealth Bank worth ~$200 billion, you can buy three of Europe's leading banks with much larger addressable markets. This is just one example of the extreme valuation divergences across global stock markets.
The key to investment success from here is the ability to ignore the crowd and the hot stocks. We will then face a once-in-a-lifetime chance to buy cyclical and industrial stocks with significant upside.
It took Wall Street and equity investors a long time to realise interest rates had gone through an inflection, and the era of the easiest money conditions in a lifetime is now over.