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2024 Outlook - A five year experiment is still under way

 


  • We are moving into the 5th year of the global experiment which started in 2020 with the unprecedent lockdowns the massive government support to citizens the huge increase of global liquidity and central banks slashing interest rates to zero and in many cases deeply in negative territory.

  • Then the 2021-2022 « unexpected » spike in inflation triggered one of the

  • Will the central banks achieve their goal in bringing inflation down and keeping the job market and the economies intact, as the current market pricing suggests ?? (the good, soft landing scenario).

  • Or will this abrupt « morphine » removal finally result in a sudden collapse

  • Unfortunately we cannot forecast the end result of this experiment.

  • Our overall investment stance remains therefore defensive.


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I_2024 Investment Outlook_December_21_2023
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Disclaimer

• The content of this document has been produced from publicly available information as well as from internal research and rigorous efforts have been made to verify the accuracy and reasonableness of the hypotheses used. Although unlikely, omissions or errors might however happen.

• The data included in this document are based on past performances and do not constitute an indicator or a guarantee of future performances. Performances are not constant over time and can be positive or negative.

• This document is intended for informational purposes only and should not be construed as an offer or solicitation for the purchase or sale of any financial instrument and it should not be considered as investment advice. The market valuations, views, and calculations contained herein are estimates only and are subject to change without notice. Any investment decision needs to be discussed with your advisor and cannot be based only on this document.

• This document is strictly confidential and should not be distributed further without the explicit consent of Kendra Securities House SA.

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