Multi-Asset Perspectives

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Markets Confront Return of Volatility

September 28, 2020

Market sentiment is looking ahead to the end of the coronavirus pandemic, probably in the first half of 2021, when an effective vaccine is widely distributed. An end date on the horizon is certainly a good thing for stocks.

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Good Data Harder to Find, but Decline in Real Yields Drives Stocks Higher

September 3, 2020

We expect a big bounce in 3Q20 global growth, but because an effective COVID-19 vaccine is unlikely until mid- to late-2021, further gains in 4Q20 and 1H21 will prove more difficult.

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Powerful Improvement Factor is Difficult to Recognize in Real Time

July 29, 2020

As U.S. COVID-19 cases increase, so does the risk that economic recovery decelerates. We think policy makers will do what it takes to sustain the recovery, and therefore continue to prefer U.S. equities over bonds.

Markets Confront Return of Volatility

September 28, 2020

Market sentiment is looking ahead to the end of the coronavirus pandemic, probably in the first half of 2021, when an effective vaccine is widely distributed. An end date on the horizon is certainly a good thing for stocks.

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Risk-Assets Reprice in Crowded Flight to Safety

March 19, 2020

We consider the coronavirus outbreak a temporary shock, inducing a technical recession but not fundamentally impairing productive capacity. Considering this and an expanded equity risk premium, we see stocks as more attractive than bonds.

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Coronavirus Shock Introduces New Layer of Uncertainty

February 27, 2020

We continue to believe the economies of China, Europe and Japan are in the process of reaccelerating. Although the coronavirus alters the near-term outlook for Asia, underlying market fundamentals historically have prevailed once an outbreak subsides.

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Good Tidings for Investors Heading into Year-End

January 3, 2020

After a tremendous run in equities and more than a decade without a U.S. recession, we expect muted, albeit positive forward returns. Our portfolio overweight to equities continues to be fortified by high-grade fixed income.

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