November 2017

“People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome.” George Orwell


  • Central banks delivered their dovish messages last month, ensuring that rates will stay low for longer
  • Although inflation could overshoot in the medium term, it is unlikely that the speed of rate hikes will accelerate by much
  • Stability and quality growth will be in focus in China, boding well for the economy and markets
  • We continue to favour Japan as an undervalued market with excellent prospects for the next years
  • Investors are likely to repeat mistakes of the past, overpaying for growth in sectors with shrinking profits in the future

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