While the British stock market has been much maligned in recent years, top strategist Kenneth Fisher sees opportunities in the U.K.
“From an investor standpoint Great Britain has been plagued by snipes who have bad-mouthed the U.K — which represents 9% of the world stock market — for years,” writes Fisher, a reference to the bird that will be a target for British hunters when bird-shooting season begins in a couple weeks. “Skeptics complain about its being too much like America, with all of the bad parts and none of the good ones: internal problems, no growth, no hope.”
Fisher takes a contrarian view, however. “Today even [Great Britain’s] biggest stocks sell for relative bargains,” he says. “I think the time is ripe for bagging great British franchises.” He looks at six U.K. stocks. Among them: drug giant AstraZeneca.