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We believe this is an important time to be an investor.
As the virus departs in 2021, the global economy will recover more quickly and robustly from the COVID recession than from a more typical large downturn. The backdrop for our optimistic outlook is the remarkable resilience we have seen despite the pandemic.
Financial institutions are strong. Household saving rates remain high. And confidence levels among businesses and consumers alike demonstrate a growth mindset.
In Outlook 2021, we put forward positive actions for your portfolio in this new economic cycle. We urge you to determine the amount of cash you really need to hold over the coming years and to put the rest to work. We advise replacing some portfolio debt with equity, while reflecting only the best yield opportunities in your fixed income holdings. And we highlight ways we can help you gain deeper insight into your portfolio.
COVID-19 has caused huge but temporary economic and financial market disruption.
Financial repression involves keeping interest rates artificially low while allowing inflation to erode the real value of bonds and cash.
Unstoppable trends are powerful long-term forces that are revolutionizing the ways we live and do business globally.