Despite modest outperformance in 4Q, UK equity valuations still look very low relative to their global peers. For example, MSCI UK trades at a 30% discount to MSCI World (lowest since early 1990s) and a 12% discount to MSCI Europe (lowest since 2000).
https://www.equitiesforum.com/blog/2019/01/10/ftse-100-celebrates-35-years-a-bargain-opportunity/
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