‘Great rotation’, or liquidity-trap trade?
There’s a puzzle at the heart of this month’s Strategy Review on US equities. All four interviewees run defensive portfolios – one is so bearish, he expects a re-rating to 10 times earnings – but have struggled to keep pace with a rally led by quality defensives.
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Pension fund interviews,
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IPE covers a good variety of very current and relevant topics. It is good to read the high-level, independent and objective perspectives from pension funds in other European countries; many of them are dealing with the same issues as we are, so it is interesting to learn from their experiences, especially when they are ahead of where we are on the curve.
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