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News Archive
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November 24, 2009
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Global Equities...peak or pause
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view more...
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The 2nd phase of recovery
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December 18, 2009
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In this note we look at what has unfolded in the following 12 month periods at a similar stage in previous market recoveries.
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As we project out over the next 12 months, it is difficult seeing lower bond yields as a return driver and PE’s are already relatively elevated. Consumption growth, while improving, will be difficult to sustain above 2.5%. That leaves EPS growth as the predominant driver. If solid, yet unspectacular top line growth can be achieved with little upward pressure on bond yields, market returns of 10-15% are possible
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