Market Outlook:
Three themes for 2014 are:
-Tapering is not tightening, U.S. economic re-acceleration and synchronized global economic recovery.
-Biased to equities over bonds.
-Largest o/w in U.S. and then EAFE equities
-Tapering is not tightening, U.S. economic re-acceleration and synchronized global economic recovery.
-Biased to equities over bonds.
-Largest o/w in U.S. and then EAFE equities
The table shows each of the major investment dealer firms and whether they are o/w or u/w equities and bonds. The key is that every single major investment dealer is o/w equities and u/w bonds. I cannot imagine that the consensus has ever been this aligned. The question is “what are the market/investment implications
of this?”
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