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What is priced in?

Dear reader
2019 was one of the best years ever recorded for investing in financial markets. Double-digit returns for multi-asset portfolios were not the exception but the rule. Thanks to the strong support provided by central banks, which pumped extra liquidity into markets, the valuation of many financial assets rose sharply. As the new year gets underway, this raises the question: What have financial markets already priced in? Is there any potential left for positive surprises, or should we prepare ourselves for setbacks? We believe the opportunities and risks are well balanced at the moment, which is why we have adopted a broadly neutral positioning in our portfolios.
Yours faithfully
Philipp E. Bärtschi, CFA
Chief Investment Officer

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