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雷达卡
MACRO & MARKET VIEWS
Will it last? In terms of the economic backdrop, we think the answer is yes. The global economic expansion appears likely to continue for another couple of years. In financial markets, we think the answer is more nuanced...
目录：
Time For Dynamism, Not Long Term De-risking
We believe it is too early to de-risk portfolios for the end of the cycle, but we think dynamism can add value and have lowered risk exposures on a more tactical basis.
The Phillips Curveball
We see the weakness in US inflation as temporary, and expect inflation to rise as labor markets tighten. However, we acknowledge that the timing of the turn is uncertain.
Quantitative Exit
We do not see a large impact from the wind-down of central bank asset purchases but the global flow is slowing, and lack of precedence is a source of uncertainty.
Bottom Line
We prefer equities over credit and credit over rates (page 5). We see relative value opportunities in government bonds, with Canada vs. US being one example. In equities we are particularly positive on emerging markets (EM) and Europe.
3Q2017-GSAM-Quarterly Investment Outlook：Will It Last？.pdf
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