Investment outlook shaped by extraordinary economic and political environment
Global economies should continue growing beyond the current year, helped by expansive monetary policy and additional fiscal support. Corporate earnings and dividends will benefit. We expect risky assets like shares and property to beat defensive assets like cash and...
Valuation strain encourages focus on quality, in the main
Our portfolio positioning in recent months is decidedly more cautious. Cash holdings are elevated so that we are ready to snap up bargains in risk assets as market volatility provides opportunities. Interest rates have dropped this year as stalling economies and...
Renewed policy support bolsters momentum
Global growth has slowed significantly since the middle of 2018. However various factors point to a likely mild reacceleration in activity later this year and an extended recovery period. Jobs growth implies underlying economic strength. Easier financial conditions,...
Less Growth, More Inflation, Continuing Populism
** Great investors are not unemotional, but are inversely emotional – they get worried when the market is up and feel good when everyone is worried– Bill Miller. ** The safe time to invest is when there is blood in the streets– Mark Mobius.** The only ones...
Market mayhem’s three triggers may not disappear in a hurry
The three triggers for the recent sell-off in stocks were the rapid rise in US bond yields, a reappraisal of valuations for strongly-performing technology and healthcare stocks and concerns about the impact of geopolitical conflicts on earnings. None of these factors...
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