3 国际股票，大多数美国投资者从未听说过

The gap between United States and European equity valuations has widened, pushing some global stock pickers to look overseas for “quality at a reasonable price.”
Pieter Slegers highlighted Games Workshop, Investor AB, and LVMH-Moet Hennessy Louis Vuitton as examples of durable businesses he believes are priced more attractively than many U.S. peers.
The argument rests on selective stock-picking rather than a blanket “Europe is better” call, with the main risk being that cheaper European valuations persist longer than expected.
U.S. markets have dominated for the better part of two decades. But the cycle may be turning—and the valuation gap between American and European equities is getting harder to ignore.
Pieter Slegers from Compounding Quality spends his time searching for businesses with high margins, strong balance sheets, and durable competitive advantages. And increasingly, the best risk-reward setups are showing up outside of the United States.
Slegers doesn't pretend Europe is broadly better than the United States. He's the first to say that U.S. companies, on average, have higher margins and stronger fundamentals. But that's exactly what makes selective European investing so interesting right now. When you find a company in Europe that matches U.S. quality, you're often paying 14 or 15 times earnings instead of 25.
Markets move in cycles. Historically, the United States outperforms international markets for about eight years, then the pattern reverses. The current U.S. streak has lasted roughly 16 years—an unusually long run. Slegers recommends that investors consider allocating 40% to 50% of investable assets outside U.S. stocks for genuine geographic diversification.
As he put it, quoting Buffett: only when the tide goes out do you discover who's been swimming naked. That backdrop frames the stocks he brought to the table.
Games Workshop: The Compounder Hiding in Plain Sight
The first name is one almost no U.S. investor will recognize: Games Workshop (LON: GAW). This UK-based company produces miniatures for tabletop board games—a weird niche, and that's the point. Niche businesses with fanatical customer bases tend to generate the kind of pricing power that shows up in long-term stock charts.
And the GAW chart is remarkable. Games Workshop has compounded at 140x since 1994, making it the best-performing stock in the United Kingdom over that stretch. The company raises prices 5%-6% annually, and customers stay.
Slegers compared the loyalty to addiction: