Keep calm and carry on

Despite what some pundits reckon, British stocks are too low-growth to be cheap

The price of stocks in London just hit their highest level ever. On Monday, the FTSE 100 index of big British companies rose above 8,000 for the first time. That is quite the reversal from their lacklustre performance in years past. You’d think this would give global value investors pause. But it hasn’t quietened the chorus of value seekers who reckon t…