High level investment strategy - thoughts

[EthicsGradient]

I'm certainly not a religious zealot but it is unarguable that active managers are higher risk than a global ETF.

I disagree. Some "global" etfs have about 50~60% of the investments allocated to the US. Which is near to a historically high PE multiple. One way of increasing risk is to buy expensive assets.

I don't think that's an appropriate diversification for UK investors.

On the other hand, once you start looking at relative current PEs of different markets, you're not thinking about a long term strategy, but short-term tactics - timing the market.

[jaizan]

On the other hand, once you start looking at relative current PEs of different markets, you're not thinking about a long term strategy, but short-term tactics - timing the market.

That's not how I'm thinking.
A market on a really high PE multiple might stay there for a few months or even a few years. It's most unlikely to remain on an abnormally high PE for the next 20~30 years.