I am positive about European assets on a cyclical basis. European shares are cheaper than their American counterparts and European QE provides an underpinning for European sovereign debt. As long as Europe continues to muddle through, markets will continue to stay elevated. The biggest near- and medium-term risk remains Greece, however. Despite progress in negotiations, I still think an eventual Grexit is likely. How soon it occurs and under what circumstances could have a meaningful impact on asset values elsewhere in Europe.
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