O'Neill: Three 'nasties' on the road to global recovery

Bill O'Neill, head of chief investment office of wealth management research UK at UBS Wealth Management, has warned there are three key 'nasties and traps' to watch out on the way to global economic recovery.

Although the ex-Merrill Lynch CIO is optimistic on the global recovery and sees a number of compelling investment opportunities, he warned risks still remain before a transition to a full-blown growth phase. "There are a lot of nasties and traps out there, but investors are obliged to take risks to get additional returns," O'Neill said. "The biggest mistake investors have been making is sitting in cash. You may be able to sleep well at night, but you will not be able to eat terribly well." In the coming year, O'Neill sees three key macroeconomic risks that could derail the tentative e...