Warren Buffet famously said: “It’s better to buy a wonderful company at a fair price, than a fair company at a wonderful price.”
Whichever way one looks at them, US markets seem expensive on a relative basis at the moment, but with this Buffetism in mind - perhaps they should be. As Buffett said in his February 2018 letter to Berkshire Hathaway shareholders: “In America, equity investors have the wind at their back.”
Companies headquartered in the United States seem to have fundamentally more attractive characteristics than those in other regions. Whether this is down to regulations, tax or culture is anyone’s guess, but with this in mind, we examine the various routes to actively managed exposure to the US...
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