Published August 2017

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Are US stocks overvalued?


There is a difference between believing stocks are richly valued and overvalued. There is little question multiples for US equities, measured either by price-to-earnings or price-to-book, are well above historical averages. Whether this premium turns o
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Published June 2017

How big a problem are non-performing loans in EU-banks?


The amount of non-performing loans in the EU banking system is estimated to be about € 1.06 tr representing 5.1% of total gross loans and covered at 44% by provisions. EU banks have lowered NPL ratio from the peak of 6.8% reached in 2013. The European regulators have so far pushed banks to replenish their capital which they succe
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