Most expensive stocks prove surprising haven in European slump
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IN the last quarter when European equities saw the most volatility in three years and the worst returns in four, investors did something that might seem strange: they bought high.
Companies with the loftiest valuations, a group that includes stable profit generators such as Roche Holding AG and L'Oreal SA, beat a basket of cheap stocks by the most on record in the period, data compiled by Morgan Stanley and Bloomberg shows. It happened as a gauge of price swings jumped 34 per cent above its three-year average and shares fell 11 per cent.
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