Michael Murray: Shareholders in Colgate Palmolive can afford a broad white smile at the performance of their stock

With no apparent end in sight to ultra-low interest rates, neither cash nor bonds looks like an attractive asset class at present. But many equities at current valuations look risky and stretched as well - especially given the rise in political instability, the remaining unresolved issues in the eurozone, remaining clouds in emerging markets, rising tensions on Europe's borders, and some hazy detail on China.

At this point investors wanting to remain in ...