Asset Allocation Update - MAY 2019
Cash flows and discount rates have moved in opposite directions over the past six months, and discount rate moves have triumphed. Take the year so far. Equity cash flows, proxied by earnings growth expectations1, have weakened across each major equity bloc or region, shifting horizontally to the left in Figure 1. Yet stock market returns have risen – moving up vertically – apparently shrugging off the weaker cash flow picture.
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