2022年投資戦略カンファレンス | 不確実性を乗り越え、楽観的な理由

Furthermore, valuations have come down meaningfully, especially in the US. As a result, valuations are much more compelling to think about allocating to risk assets. Additionally, the velocity of earnings revisions has been meaningful this year. As we enter 2023, we believe there's going to be a dispersion in earnings revision; thus, investors should own high-quality businesses with pricing power. Finally, profit margins are another important factor in the current market environment. Therefore, we think the US would continue to be an attractive place to invest, as they have entered the interest rate cycle earlier than other economies, and they're starting to see it dissipate.

Moomoo: Do you think now is a good time to buy risk assets, particularly equities?

Jeremy: We are in a unique environment of peak uncertainty; our view is that we are in a regime shift; what drove markets over the last decade could be very different, and so investors want flexibility, and you want to be able to move your portfolio to be fluid to the economic conditions.

Seeking inflation protection – While demand destruction is a headwind for industrial commodities, a continued supply/demand imbalance could push oil prices higher, as could output cuts signaled by OPEC. As a result, we think select commodity-linked exposures could continue to outperform.

The other aspect is looking at which companies have high-quality earnings streams that are stable and consistent, paying healthy dividends that are higher than what they were 12 months ago. Finally, in terms of fixed income, high-quality fixed income today pays more reasonably and gives you the ballast from duration.