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ODDO BHF Live 2022: Replay Investment Brief
Make 2022 an opportunity
2021 has been a bumpy ride for investors with concerns on recurring uncertainties caused by the new Covid variants affecting the economy. However, it paid off for investors who have kept their nerve and seized opportunities. The year ahead has two main talking points: inflation and rising interest rates. Which impact of these macro points on the financial markets, which positioning should investors favor in 2022?
Watch the replay of the Investment Brief presented at ODDO BHF Live where Bruno Cavalier decrypts the macro economic environment and Laurent Denize explains the consequences on the financial markets and our convictions for 2022.
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Equities remain unmatched over the long term
Three British economists—Paul Marsh and Mike Staunton of the London Business School, and Elroy Dimson from Cambridge University—have embarked on a meticulous endeavour: they have traced 35 stock markets around the world as far back as possible to test a core theoretical question of investment. Are equities truly superior to all other asset classes over the long term?
The moment of truth for public debt
Economic crises leave a legacy of high public debt. Expansion phases should be used as an opportunity by governments to reduce their debt and rebuild some headroom in their public finances. This is easier said than done. Let’s look at what happened after the last two major crises.
The end of the American dream?
We must confess that we have a strategic "bias" in favor of the US market. The past 15 years proves us quite right. Since the end of the 2007-2008 Financial Crisis, Europe has outperformed for only 27 months, or just over 2 years. This structural outperformance of the US vs. Europe is mainly explained by a more robust EPS dynamic in the US.