Subject: Re: Greggs PLC (GRG.L)
The other thing I notice about investing in UK / Europe vs America is that even if the companies look good on paper they can more often turn out to be value traps and drift sideways for a long time or PE multiple expansion isn't realised.

I remember reading a book by Charles Brandes called Value Investing today that discussed global investing and where value investing worked best and I'm sure it was the US.

Any thoughts on why? I can't remember the conclusions but it does seem that's the case.