hard to tell a story about America’s stockmarket without mention of at least one company that listed this century—Google or Facebook, say. Europe is rather different. Its bourses are heavy with giants from the age of industry but light on the digital champions of tomorrow. It is telling, perhaps, that its character can be captured in the contrasting fortunes of two companies, Nestlé and Daimler, with roots not even in the 20th century, but in the 19th.
The valuation gap in Europe is related to a similar divide in America. For much of stockmarket history, buying value stocks—with a low price relative to earnings or to the book value of tangible assets, such as equipment and buildings—has been a winning strategy for stockpickers. But the past decade has been miserable for value stocks in America. The rapid rise of a handful of tech firms—the Googles and Facebooks—and other “growth” stocks has left them in the shade.
It is hard for banks to make money when yields on the safest of government bonds, the benchmark for lending rates, are negative, as they are in Europe. Banks face an additional threat from financial-technology firms, which do not share their burden of costly branches or surplus staff. Carmakers need pots of capital to equip them to make electric and self-driving cars. The returns are far from certain. It is easy to imagine a future in which status is less entwined with car ownership.
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