Our geographic asset allocation is being driven by both sector and economic factors. Currently, the ...
Our geographic asset allocation is being driven by both sector and economic factors. Currently, the main sector debate is between old and new economy stocks. In our view, low inflation isn't good for the entire equity market. In fact, during the 70's and 80's consumer related companies benefited from inflation and money illusion - where consumers frequently confuse nominal and real variables. Today low inflation is making pricing more transparent and traditional consumer product sectors are seeing margins and profits fall as they struggle to increase prices in line with CPI. Therefore,...
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