A $6 trillion investment chief says don’t worry about stock valuations

Business Insider executive editor Sara Silverstein speaks with Richard Turnill, global chief investment strategist at BlackRock, which oversees $6 trillion. She asks him about valuations, which many people say are extended at the moment. He says that people are too concerned about that, and argues that the prices in many areas of the stock market are reasonable. Turnill does concede that the US market looks expensive relative to its international counterparts, where BlackRock sees more upside. He stresses, however, that there’s still plenty of opportunity in the US, with the economic environment looking attractive and the Fed raising rates gradually. Turnill says that BlackRock favors tech and financial stocks, while pointing out that defensive bond proxies like consumer discretionary will struggle to keep up in a rising-rate environment.