European stocks, this column has pointed out before, are not as cheap as they look. They have dipped in the past few years because of the sovereign debt crisis, but it is still reasonable to factor in a risk of more trouble to come from that quarter. And while European stocks look cheaper than US stocks, that is in large part because they always do: US indices are stuffed with high-technology companies that trade on expensive multiples, while European indices have a lot of dull dividend-paying utilities.
本专栏之前就曾指出，欧洲股票并不像表面上看起来的那样便宜。在主权债务危机的影响下，欧洲股市近几年来大幅下跌，但在考虑到主权债务领域可能发生更多问题时，其估值仍是合理的。虽然欧洲股票看起来比美国股票便宜，但这在很大程度上是因为它们一直如此：美国股指成分股大多是高估值的高科技公司，而欧洲股指当中则包含有很多呆板发放红利的公用事业类企业。
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