Uddrag fra Bank of America:
What do you play at the start of a recession |
Hartnett sums it up: 1. Long T-bills…cash outperforms until Fed cuts aggressively 2. Long yield curve steepeners… 3. Long gold…US dollar debasement 4. Short over-owned assets vulnerable to deleveraging/revenue cuts…IG/HY bonds, US tech, EU luxury, industrial/defense stocks, US private equity…(good luck shorting LVMH…) 4. And prepare shopping list…once labor market indicates recession begins, execute on buy list of distressed cyclicals in banks, REITs, small caps, commodities. |
BofA |