"Mind the Gap": Adapting to a Post-Crisis World in Transition (Virginie Maisonneuve - Global Head of Equities)
• Barring any sharp deterioration in global geopolitical risk, the medium term outlook for equities is quite positive in an environment where we see subdued growth and inflation amid healing economies.
• From a markets standpoint, valuations are not very expensive - they're not cheap, but they're not expensive versus historical standards for the market overall.
• While stress points around geopolitics (Russia, elections in EM, maturing of the Chinese financial system) and new models (adapting to the outcomes of the post-transition world) will create uncertainty, they can provide fertile hunting ground for investors.