| 斯蒂芬杜拉克，Jan Leeys＆Team |
| J.P. Morgan |
伦敦为基础斯蒂芬杜拉克和新人Jan Loeys.从纽约开始，将J.P.2摩根的十名成员团的十二名队伍直接出现在第二位。“当我预计股票显示出明显优于胜过的时候，我使用了一些信号来告诉投资者 - 这些市场尚未发挥绿色，”Loeys说。他手表的迹象包括中央银行的货币收紧，公司债务发行增加，以及对盈利预测的变化等。目前，该团队认为有一个适度的上行风险偏见;也就是说，盈利预测的更高概率将被向上修改而不是向下修改。The analysts are also assessing the impact of increasing bond yields: “The rise in rates that we’ve seen is at least challenging what seemed to be a fairly strongly held assumption that we would see no growth and no rise in yields at all this year,” Dulake observes. In light of this increase, the crew is advising clients to buy some protection against higher risk-free rates via Bund options, allocate to less interest-rate-sensitive sectors such as insurance, avoid tightly spread credits, and position for compression or engage in unfunded credit strategies by selling credit default swap protection. —Carolyn Koo. |
