Buy American (stocks), says Europe’s largest asset manager

Sometimes it takes an outsider to fully appreciate something. Europe’s largest asset manager, Amundi Asset Management, has produced research showing why U.S. stocks have outperformed the world, and why that outperformance may continue. Admittedly written by two from its Boston office — Craig Sterling, its head of U.S. equity research, and Marco Pirondini, head of U.S. equities — Amundi made a distinction between the U.S. stock market, which is a play on many of the world’s most profitable companies, and the U.S. economy. The S&P 500 SPX, -0.64% has outperformed the rest of the developed world, measured by the MSCI Europe, Australasia and Far East index 990300, +0.87%, in 19 out of the last...