"It's all relative," as Einstein likely said once, and the following 18 charts from Investir.ch's Loic Schmid highlight a few clear divergences - Overweight cash as "the end is near" for US equities, buy dips on weakness in EU debt and gold, position for increasing vol...
Solution Manual for Principles of Corporate Finance 14th Edition by Richard B...
Charts that matter 07.05.2015 bund unloading_sequoia
1. The Charts That Matter
Bund-unloading
April 14, 2015
By Loïc Schmid, Head of Portfolio Management
1
SEQUOIA Market Research
2. Assets 07.05
S/T view
07.05
L/T view
04.03
S/T view
04.03
L/T view
Comments
Cash Keep cash for opportunities
Investment grade bonds Buy dips and new issues
High yield bonds Be selective
Sovereign bonds Great opportunities US and EU short term!
Convertibles bonds Equity-like risk
European equities Short term overextended, long term looks ok
US Equities Still waiting for a 10% correction, at least…
Japanese equities Long term trend is positive
Emerging equities Increasing attractiveness
Precious metals Buy dips
Oil Buy dips
Hedge funds CTAs and Macro strategies continue to be attractive
Volatility Buy volatility on dips
USD Looks stretched short term
Negative PositiveNo view
Previous viewsCurrent views
Views in a nutshell
21. 21
Key takeaways
US equities – the end is near
European stocks – room for improvement
Swiss stocks – expensive
Emerging markets – opportunities
Fixed income – current weakness in EU sovereign debt is a s/t buying opportunity
Commodities – buy dips in Gold, oil and commodity-linked stocks
Volatility – buy dips
Cash - overweight
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22. ECB
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