Carmignac's Saint-Georges: A reversal of US fortunes could be 'brutal' for investors

The US stockmarket, riding high on the Donald Trump administration's expansionary fiscal policy, is now in the longest bull run in history, surpassing the previous record that was set between October 1990 and the bursting of the tech bubble in March 2000.

A combination of vibrant economic growth in the US, threats to global trade and the Federal Reserve's unwavering stance is sucking overseas investment dollars into the US. But that could all change as the business cycle finally rolls over. At present, US GDP growth figures remain impressive, even above what we anticipated. The same applies to corporate earnings, and over the summer the US Consumer Confidence index climbed to its highest level in nearly two decades.  In particular, US tech stocks stand out from the crowd. We are more than halfway through 2018 and the US stockmarket has...