US shares - updated

In August I looked at a handful of US shares to see what I might like to invest in once my US$ exposure vanished. That time has now come, and from now on I am ready, willing, and able to invest in US shares. If they're cheap, that is.

In August I thought fair value for the S&P 500 was 900, and it's since risen from 1000 to 1136. At that sort of price I need to be very selective. Every share I looked at in August has increased - some more than others. Amazon seems to be the best performer, rising 50%, and I thought that was ludicrously expensive to start with!

In August I thought Google, Amazon and Coca-Cola were all over-valued - they've only got more so.

I thought Microsoft and McDonalds were cheap, and they've since recovered to what I consider fair value.

I thought GE and Johnson & Johnson were cheap, and they remain so (although they're pricier than they were).

I'll be taking a closer look at some of these in the next few weeks. Johnson & Johnson doesn't fit particularly well in my portfolio, since I already hold GlaxoSmithKline. Microsoft and McDonalds offer a bit more variety. It's difficult to say whether General Electric fits well or not, since it's already so diversified.