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2015 has begun with a series of apparent contradictions and dramatic reversals. In the developed world, both equity and bond markets are at record highs. The price of oil has collapsed and the Swiss franc has jettisoned its link with the euro. Global economic growth is tepid and disinflation has caused many central banks to further cut interest rates or to take extraordinary action in the shape of its quantitative easing program. Against this volatile backdrop, we hope that the wealth of stock, bond and inflation data in the Credit Suisse Global Investment Returns Yearbook will help to frame market developments in the light of long-term asset price trends.
The first chapter focuses on the importance of industry weightings for long-term investors. The second chapter examines responsible investing, measuring several approaches to investing along social, environmental and ethical lines. In the third chapter the Credit Suisse HOLT team complements the historic data in the Yearbook with a market-implied approach studying how the market-implied cost of capital mean reverts over time and if this is predictable.
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