Goldman Sachs har analyseret genopretningen af aktiemarkederne efter nedture de seneste 20 år og konstaterer, at genopretningen i 2020 har været langt hurtigere end i alle andre kriser. Fem måneder! Og ikke 80 eller 89 måneder.
Global Equity
The speed of the 2020 equity plunge and near instantaneous reversal was unparalleled. Lacking the early warning signs of some emergent cyclical or financial disequilibrium, markets were whipsawed between the medically-induced shuttering of global economies and the deluge of monetary and fiscal support.
Notwithstanding full valuations, we believe global equities remain attractive, supported in 2021 by low real yields, contained inflation, easy financial conditions, peak earnings, and a substantial equity risk premium.
Source: Bloomberg and GSAM.
