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ForennameÖsterreichische Aktien im In- und Ausland
Betreff des ThemasWe remain constructive on equities
URL des Themashttps://aktien-portal.at/forum/../forum/boerse-aktien.php?az=show_topic&forum=124&topic_id=223806&mesg_id=229242
229242, We remain constructive on equities
Eingetragen von Warren Buffett, 20.7.21 08:30
We remain constructive on equities and see the latest round of growth and slowdown fears premature and overblown. Even though equity leadership and bonds are trading as if the global economy is entering late cycle, our research suggests the recovery is still in early-cycle and gradually transitioning towards mid-cycle. While the second derivatives of macro-cyclical indicators in US and Asia (JPM QMIs) appear to be cresting, going from exaggerated low levels to seemingly extreme high levels, we believe this does not signal the beginning of a down cycle but rather a transition to a more sustained cycle.
Continuation of US recovery is rooted in the improving labor market (healthy job gains and wage growth), still very strong consumer setup (i.e. record household savings and wealth), healthy corporate fundamentals with strong pricing power, supportive global central bank policies which continue to prioritize employment growth over inflation fears (e.g. last week Powell again confirmed the Fed’s dovish stance, ECB announced new monetary policy strategy, PBOC reduced required reserve ratio), and further potential for broadening fiscal policies (e.g. infrastructure spending, child-care tax).

JPMorgan
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