Kara Murphy

Earnings growth will accelerate among smaller and midsized companies in the second half, and with lower starting valuations and the Fed rate hike off the table, these stocks should deliver improved performance.

미국과 글로벌 시장 간 밸류에이션 스프레드가 극단적인 수준이며, 미국 외 지역에서도 실적이 가속화되기 시작했습니다. 이는 국제 분산 투자의 기회를 창출합니다. 미국이 15년간 아웃퍼폼했지만, 장기 파동은 미국의 언더퍼폼 기간이 나타날 가능성을 시사하므로 미국 외 익스포저를 유지하는 것이 중요합니다.

The market is shifting attention to areas like industrials that are beginning to show earnings power and have more attractive valuations. As geopolitical headlines recede, the market refocuses on pre-conflict trends, favoring sectors with solid earnings and reasonable prices over the expensive mega-caps. Industrials are positioned to benefit from the broadening out of market performance and capital rotation. An escalation in the Iran conflict could reverse the "broadening out" trade and cause a flight back to mega-cap tech.