Disclaimer
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.
Investors love cliches. One of the phrases that is bandied about again and again is “climbing the wall of worry”. It is used to describe a market that advances despite endless chatter about issues that could or should derail it. Perhaps it could be considered the normal state of affairs, as it is rare for there not to be some fear that is stalking markets. Yet if we had been intimidated by those worries, we would not have enjoyed the strong market returns seen over the past 12 months. Thinking back to late last year, there was not a lot of optimism around at all, yet the S&P 500 is up 24% in dollar terms over one year, at the time of writing, or 20% in sterling. This has helped drive the MSCI ACWI up 17.5% in GBP. Naturally, there is still so much to worry about! Here we argue the outlook for global equities is still good, thanks largely to the strength of the US market, taking in turn five of the biggest worries we hear from investors.
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