Multi asset managers will need to pay much greater attention to commodities, and commodity-linked equities, for delivering alpha than has been the case in more than a decade.
Despite the significant back up in bond yields in the past month alone, fixed income assets remain grotesquely overvalued and at risk of entering a secular bear market soon. Equities in general look much more attractive as dividend yields remain higher relative to bonds while valuations, as measured by earnings and cashflow multiples, are reasonable, apart from US growth stocks. Jupiter's Pidcock: Powerful bull markets are born in difficult times When comparing stockmarkets, UK blue chips offer even better upside due to their Brexit discount, which should close over time, while th...
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