European stocks, this column has pointed out before, are not as cheap as they look. They have dipped in the past few years because of the sovereign debt crisis, but it is still reasonable to factor in a risk of more trouble to come from that quarter. And while European stocks look cheaper than US stocks, that is in large part because they always do: US indices are stuffed with high-technology companies that trade on expensive multiples, while European indices have a lot of dull dividend-paying utilities.
本專欄之前就曾指出，歐洲股票并不像表面上看起來的那樣便宜。在主權債務危機的影響下，歐洲股市近幾年來大幅下跌，但在考慮到主權債務領域可能發生更多問題時，其估值仍是合理的。雖然歐洲股票看起來比美國股票便宜，但這在很大程度上是因為它們一直如此：美國股指成分股大多是高估值的高科技公司，而歐洲股指當中則包含有很多呆板發放紅利的公用事業類企業。
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