According to Investopedia a « melt-up » is a « A dramatic and unexpected improvement in the investment performance of an asset class driven partly by a stampede of investors who don’t want to miss out on its rise rather than by fundamental improvements in the economy. »
This is exactly what could happen to financial markets, according to veteran value investor Jeremy Grantham. Continuer la lecture de « Are We on The Verge of Final Melt-Up Before the Next Krach ? Jeremy Grantham Thinks So »
Supportive macro backdrop so far makes the case for investing in risky assets, but valuation-wise, harvesting decent returns on a risk-adjusted basis is harder. At least, that’s BofAML’s strategists views.
Continuer la lecture de « Merrill Lynch’s X Asset Views 2018: Higher, but Harder »
Despite tight or reasonable valuation, equities still make sense for JPMorgan.
Continuer la lecture de « JPMorgan Stays Overweight Equities into 2018 »
Goldman recommends investors to « remain pro-risk » going into 2018, meaning overweight equities, be neutral on credit and underweight bonds. Continuer la lecture de « Remain Pro-Risk – Goldman Sachs »
In its « Risk Reversal » Europe 2018 outlook report, Exane BNP Paribas recommends to keep a value bias and prefer Oil & Gas, Travel & Leisure, Healthcare, Telecoms, Banks and Insurance sectors. Continuer la lecture de « In 2018, Stay Away from Cyclicals – Exane »