Are shares expensive?

Source: Dr Shane Oliver, Chief Economist – AMP Capital


  • Starting point valuations for shares matter a lot in terms of medium-term return potential and vulnerability to share market falls. Basically, the cheaper the better.
  • Developed market shares are not dirt cheap (and haven’t been for several years) but on most measures they are not at overvalued extremes. US shares are most at risk, but other markets are reasonable.



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