The last two decades of extreme underperformance and numerous false starts by European stock markets have left investors despondent and pessimistic. The eurozone sovereign debt crisis, uncoordinated and light-touch banking regulation, poorly coordinated government bailouts, low output, and highly fragmented equity markets have all played a part in a brutal 22-year secular decline for European equities. But in a surprising reversal of fortunes, European markets have lately been wiping the floor with their American counterparts thanks…
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