There is no stockmarket bubble
Which World Stock Markets Will Out-Perform Over The Next Two Years?
Whereas bottom-up stock market analysis focuses on earnings prospects, we look at investor behaviour and liquidity from a top-down perspective. This tells us that aggregate stock market returns are largely determined by changes in investors’ risk appetite, namely their overall portfolio positioning. This knowledge could have timed a large-scale re-entry into equities in late-March 2020. Looking ahead, prospects for the next two years look decent, particularly for the UK, Canada and Italy, among others.
See our latest published research, Global View - Which World Stock Markets Will Out-Perform Over The Next Two Years? – September 2020
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