Where to Invest Now
Valuation dislocations
5 November 2013
Written by Chief US Equity Strategist (Global ECS Research -- US Portfolio Strategy)

英文 89页

Themes: Seek leverage to economic recovery
1. Buy stocks / sell bonds. Re-allocate assets away from US Treasuries and into Equities. Trade has returned 31% YTD.
2. Operating leverage. Stocks in each sector that should benefit from acceleration in US GDP growth (<GSTHOPHI>).
3. Globally Attractive Risk Reward. 25 globally-facing cyclical laggards will benefit as growth improves (<GSTHGARR>).
4. High Sharpe Ratio. Stocks with best prospective risk-adjusted returns have consistently outperformed (<GSTHSHRP>).
5. Dividend Growth. Basket offers dividend growth of 16% in 2013 vs. 8% for median S&P 500 stock (<GSTHDIVG>).