We don’t think the recent rotation in US equities sets the stage for something much bigger. We expect the “big-tech” sectors to lead the charge again before long, helping equities in the US outperform those in most other economies. And we expect equities to outperform most other assets as a bubble fuelled by AI-enthusiasm inflates further, supported by a backdrop of resilient economic growth and monetary easing cycles.
We expect decent returns from most government and corporate bonds over the coming years, though we expect both to lag equities. And we think commodities in general, many of which have fared well so far this year, will struggle over the coming years.
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