A step further toward “Global Japan”- Not so bad for financial markets?
Economic dynamic and central banks reactions drive Europe and the US closer and closer to the situation Japan has experienced for decades: tame and tamer business cycle, a lack of inflationary pressures and ever more accommodative monetary policies, resulting in low and lower rates. The resulting financial repression, i.e. investors being forced to take risk to have a chance of positive returns, is becoming a structural feature of the financial landscape.
In this context, subtle shifts in macro dynamics can trigger sudden repricing in assets valuation, as the crowd of investors rushes in and out of specific asset classes. With very low yields, getting the tactical allocation right becomes increasingly important to generate returns… in excess of close to nothing.
After 18 months of global growth slowdown, the coming months may have the potential for unleashing such price adjustments on financial markets. We will be happy to share with you our macroeconomic outlook and our convictions on how to position portfolios for the months ahead.
Introduction from Michael Kiefer, SYZ Independent Managers Presentation from Adrien Pichoud, Portfolio Manager SYZ Asset Management Presentation from Roberto Magnatantini , Portfolio Manager SYZ Asset Management Closing from Thomas Schwere, SYZ Asset Management
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