Three Pillars Holding as Macro Crumbles by David Wolf, David Tulk and Ilan Kolet: Three Pillars
In the context of a very tough financial year, policymakers have turned to aggressive means to keep inflation from becoming further entrenched in the markets. From this defensive position, we will look at the remaining key pillars that may factor into future market shifts.
- We are positioned defensively as the macro-outlook goes from bad to worse…
- But still-strong corporate fundamentals, less-demanding valuations and negative investor sentiment all provide some offsetting support
- We continue to overweight the US dollar, inflation-sensitive assets and short-term securities