The Market’s Current Anxiety Is Just a Midlife Crisis

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Multi Asset Outlook

• We expect global growth rates to continue favoring the US into the spring of 2019 before others “converge up” in the back half of the year.
• Negligible spreads suggest there is more potential in taking enterprise risks in the form of equities, where cash flows can grow, than in credit, where they cannot – particularly as net defaults may bottom soon.
• In the more disruptive environment we see ahead, we favor highactive-share strategies and more liquid, as opposed to private or passive, investments.