Prefer bonds over equity
Positive investment grade bonds, prefer Emerging market Sovereign and high yield bonds
Prefers US & North Asian Equity markets
US & North Asian Equities, Global healthcare
Emerging market consumerism & hedge funds
S&P trailing price to book value and trailing price to earnings ratio is currently below 15 year average
Continue to expect sustained but uneven global economic recovery. Europe to be weakest link, Asia ex Japan to be area of strongest growth
Global inflation to remain subdued
Anticipate USD to remain range bound against G7 currencies. Asian units to continue modest appreciation trend.
Asia equities to outperform global equities in a volatile environment
Real assets (gold/oil) will become more attractive in a fiscally irresponsible world.
Tuesday, July 13, 2010
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