发帖
雷达卡
FROM REFLATION TO “GOLDILOCKS”: WHAT COMES NEXT?
Following the run of strong data and the optimism of the reflation trade that brought 2016 to a close, this year has seen a return to the familiar low-growth, low-rates, low-volatility “Goldilocks” environment of the post-crisis years. Back then, it was broadly supportive of risk assets. Today, return outlooks are far more muted, and in our view, this environment offers opportunity only where valuations remain attractive and risk levels can be monitored. It is likely that the negative left tail of potential returns could be fatter now that markets have rallied, valuations are full and QE is being withdrawn. The bullish, right tail poses upside risk, too, however, given the big consensus against the “Trump Trade”. The AAC asks which markets can thrive when the range of potential outcomes is so wide.
3Q2017-Neuberger Berman-Asset Allocation Committee Outlook.pdf
(345.84 KB, 需要: 2 个论坛币)
京公网安备 11010802022788号
