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Valuations, Flows, and Seasonality All Say One Thing: Buy US, Fade Europe

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Europe vs US is done

1. Valuation gap closed... SAP on 40x, GOOG on 18.5x, MSFT on 29x. Mag7 valuation now looking 'cheap' vs historic

2. Europe benefited from exodus from US tech , US tech as a sell is significantly less obvious here

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