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Pockets of froth in markets drive the narrative of an equity market top. However, the equity market in aggregate is not as concerning. Equities are underpinned by unprecedented fiscal and monetary policy – aimed at righting previous wrongs - coupled with economic re-opening. Earnings growth should result, amid abundant market liquidity, in a zero rate world. Markets remain supported – but divergence could increase within. Covid-accelerated trends include digitalisation, geopolitical tension and the impact of ESG on the cost of capital. These trends are structural and investors waiting for reversion to mean should beware. Going back to the drawing board, portfolio construction along with industry understanding remain the bedrock of investment success.