Ten for 2020
Macro: “fiscal dysfunction” unmasked
- Political risk moves into the driver’s seat
- Monetary policy reaches its limits
- Another year without recession, but risks are rising
- Look for a revival in business sentiment
Fixed income: US markets and quality yield
- Fed-ECB rates convergence makes US bonds more attractive
- Bifurcation continues in credit
Equities: volatility and rotation
- Longer bouts of volatility create value
- Active opportunities flow beneath the surface
Alternatives: late-cycle stars
- Private markets investing comes into its own
- Volatility could mean vast opportunity for liquid alternatives
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