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Although an inverted yield curve is not a sign we welcome, it also is not a clear indicator of an imminent equity market downturn. Instead of underweighting risky assets, we suggest investors take this opportunity to refresh plans to manage through the next bear market.
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No, we don’t believe the politics of Brexit are conducive to tactical asset allocation.
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Yes, but only if you can tolerate the volatility. Chinese A-shares have surged in 2019, rising nearly 23% as of March 8. In 2018, A-shares’ -29% return was one of the worst among major markets, but renewed optimism this year over US-China trade negotiations sparked the sharp rebound.
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Investors navigating the robust fundraising environment should be selective when making commitments in 2019.
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Investors shouldn’t sweat the recent downgrades to global earnings forecasts. Although analysts have cut their expectations substantially since September, they still expect most regions to grow in the mid-single digits in 2019.
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We do not expect a rerun of the 2000s for tech and venture capital. The similarities between the late 1990s and today are concerning, but the differences are even more sweeping.
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Investors should expect more volatility in 2019, as many of the trends and political dynamics that have rattled confidence over the last few months seem unlikely to dissipate in the months ahead.
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Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will continue, as we will discuss.
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Last month’s sell-off was mainly a reaction to macroeconomic headwinds that have been building this year; recent and expected corporate earnings growth has not weakened much.
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Yes, if you control for tech overweights. Quality has historically been quite defensive relative to the broad market. Today, it is sensible to question quality’s defensive characteristics, as the factor is concentrated in tech stocks and has become quite expensive.
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