Economics & Strategy: Equity Strategy – Second

Andrew Garthwaite & team, Credit Suisse

Down one notch back to No. 2 is the Credit Suisse quintet that Andrew Garthwaite captains from London. Clients say the team leader combines “a vast knowledge of fundamental analysis with an excellent understanding of market mechanics” and presents “clear and well-argued opinions.” The strategists anticipate remaining underweight on Europe “until we get a credible policy response from the European Central Bank — it’s got to be deeds rather than words,” Garthwaite says. “How do we get rid of $8 trillion of excess leverage in the developed markets?” Other factors that will affect the group’s recommendations in the coming year include how quickly the ECB steps up its quantitative-easing program or increases its Securities Markets Programme, how much fiscal tightening the U.S. undertakes and how China manages its housing bubble, he adds.