{"id":4932,"date":"2026-05-28T16:49:08","date_gmt":"2026-05-28T15:49:08","guid":{"rendered":"https:\/\/crescit.se\/?p=4932"},"modified":"2026-05-28T16:49:11","modified_gmt":"2026-05-28T15:49:11","slug":"europa-eller-usa","status":"publish","type":"post","link":"https:\/\/crescit.se\/en\/europa-eller-usa\/","title":{"rendered":"Europe or the USA?"},"content":{"rendered":"<p><em>Valuation gap, growth gap and what the Swedish base currency means.<\/em><\/p>\n\n\n\n<p>The year started well for Europe. Then came March, the oil shock and the US took the lead again. It is a pattern we have seen recur in recent years. In this Perspective we collect 13 years of data on the US, Europe and Sweden to understand what the pattern actually shows.<\/p>\n\n\n\n<p>The US market has delivered roughly three times the return of Europe since 2013 in local currency and four times as high when converted to SEK. At the same time, the US CAPE stands at 45 compared to Europe&#039;s 23. We review the valuation gap, earnings growth in the major indices, how the US has fared during five major downturns, and what the Swedish krona has actually done to Swedish returns.<\/p>\n\n\n\n<p>We also include Crescit&#039;s own positioning during the period \u2014 how we went from overweight Europe in January to close to 50 percent S&amp;P 500 in mid-May, and how we thought along the way.<\/p>\n\n\n\n<p>The analysis is not a recommendation. It is a framework for dialogue. For a Swedish portfolio, the question is not \u201dEurope or the US\u201d \u2014 it is how much concentration risk you are comfortable with.<\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/crescit.se\/wp-content\/uploads\/2026\/05\/Europeiskamarknaden-relativt-den-amerikanska.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Europeiskamarknaden relativt den amerikanska.\"><\/object><a id=\"wp-block-file--media-e45eae48-4803-4727-9572-36f391951734\" href=\"https:\/\/crescit.se\/wp-content\/uploads\/2026\/05\/Europeiskamarknaden-relativt-den-amerikanska.pdf\">The European market relative to the American one<\/a><a href=\"https:\/\/crescit.se\/wp-content\/uploads\/2026\/05\/Europeiskamarknaden-relativt-den-amerikanska.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-e45eae48-4803-4727-9572-36f391951734\">Download<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>V\u00e4rderingsgap, tillv\u00e4xtgap och vad svensk basvaluta betyder. \u00c5ret b\u00f6rjade bra f\u00f6r Europa. Sen kom mars, oljechocken och USA tog tillbaka ledningen igen. Det \u00e4r ett m\u00f6nster vi sett \u00e5terkomma de senaste \u00e5ren. I det h\u00e4r Perspektivet samlar vi 13 \u00e5rs data om USA, Europa och Sverige f\u00f6r att f\u00f6rst\u00e5 vad m\u00f6nstret faktiskt visar. USA-marknaden har [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":4934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-4932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nyheter"],"acf":[],"_links":{"self":[{"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/posts\/4932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/comments?post=4932"}],"version-history":[{"count":1,"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/posts\/4932\/revisions"}],"predecessor-version":[{"id":4935,"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/posts\/4932\/revisions\/4935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/media\/4934"}],"wp:attachment":[{"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/media?parent=4932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/categories?post=4932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crescit.se\/en\/wp-json\/wp\/v2\/tags?post=4932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}