Wall Street legends may have forgotten Europe

“European equities have massively underperformed the US year-to-date, ” said Alberto Tocchio, chief investment officer at Swiss wealth-management firm Colombo Wealth SA.

NEW YOARK: All the legendary Wall Street investors complaining about how expensive stocks have become can’t have been talking about Europe.

Valued near a record low relative to the S&P 500 on an estimated price-to-book basis, the Stoxx Europe 600 Index has lagged behind in the equity market’s recent rally, adding 18% since the March trough compared with a gain of about 30% in the US benchmark.