内容：
Investment strategy 4
Priced for imperfection 4
The View 19
Re-entry point 19
Key strategy points 20
Regional allocations 20
Sector strategy 25
Correctionology 29
US relative sector performance during and after
first corrections 30
Microthemes revisited 31
Operating profit margins for main regions ex-
financials 32
HSBC strategy recommendations 34
Data pack 35
Regional performance 36
Major indices performance 37
Regional performance 39
Supersectors and selected cyclicals: price relatives 40
Growth indicators 41
Earnings and valuation – aggregations 42
Revisions ratios: I/B/E/S consensus data (FTSE
World indices) – upgrades as percentage of all
revisions 49
Monetary conditions 50
Liquidity and market conditions 51
Disclosure appendix 53
Disclaimer 55