US 'demons' will not hinder shrewd stockpickers

NORTH AMERICA

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The US stock market has historically been one of the first ports of call for investors when things get tough.

And the resilience of US equities since the beginning of the year bears testament to this point. There is no denying the US has its own demons: a substantial fiscal deficit, the potential unwinding of the Government’s stimulus package and the impact of steeper taxes on corporate profits. These issues are not going to go away soon and neither will concern about long-term inflation. Together with the prospect of economic volatility, they are likely to have a significant influence on the price investors demand for their capital in the coming months. Regardless, we believe the quality of ...

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