Peter Fitzgerald

portfolio manager, BNP Paribas Wealth Management

Based in: London UK

“When it is cheaper to eat out and shop in London than in Madrid, you know there is a problem. The euro is too expensive and sterling too cheap. As the E/$ rate tests 1.3, we should all remember that shortly after the launch of the euro this rate was closer to 0.8. It may well be that the most effective way to deliver out performance for euro portfolios, is simply to invest abroad? While this may be true, Europe is so unloved that equity valuations are among the lowest in the world. Pity we could not say the same for tapas!”