Fund managers and CEOs around the world have been adjusting their estimates and guidance in the wake of the recent volatility. As defensive stocks have come back to the fore, and growth stocks have sold off, this has created an unexpected situation: based on EBITDA multiples, Amazon is currently cheaper than The Coca Cola Company.

Nick Griffin, Munro Partners CIO, talks to Livewire Markets and shares some of the messages he’s hearing from the US earnings season, and his view on the current level of valuations.