It Helps to Start a World Apart
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At this stage of the business cycle, risks appear heightened, although investor complacency continues to characterize equity and fixed income markets. The average business cycle is five years long, and the longest has been 10. As we’re now in the ninth year of the current cycle, we think investors should consider the mixed nature of incoming data such as China’s economic stimulus, global liquidity conditions, a US “hard data” letdown and escalating asset class valuations.
Jonathan Hubbard, CFA, from the MFS Investment Solutions team, moderated a discussion with MFS chief investment strategist James Swanson and MFS chief economist Erik Weisman on where we are in the current cycle and how investors can decipher the recent data and rising market valuations.