Record highs for everyone – Tokyo, New York, Frankfurt, Paris but poor old London isn’t getting a look in. Maybe that’s a good thing. We don’t like all this froth. Yet according to Bank of America, overseas investors should not get too concerned. “An all-time high is not a sell signal. It’s worth remembering equity markets efficiently reflect earnings growth through time. Stock prices don’t have memories so, barring a major de-rating, 2024 could be a strong year for equities”. UK investors should not become too despondent either. Apart from those all-important ‘D’ attributes (diversification and dividends), an easing rate cycle will make old utility stocks far more attractive and expected weakness in the sterling/dollar exchange rate should drive gains in firms with substantial overseas earnings.