This week… what our chief strategist in London, Charlie Morris, calls a “breathtaking opportunity” for value investors.
It all hinges on the nearby chart, which Charlie – a 17- year HSBC veteran – reckons is the most important of 2016.
It shows that value stocks are now cheaper compared with growth stocks than at any time since the dot-com boom.
The last time this happened, a massive rally in value stocks followed. And as Charlie explains below, the same thing is about to happen today.
Q&A With Charlie Morris
Inner Circle: You’ve been banging the drum on what you believe is the most important investment theme of 2016. It’s not something you hear about in the mainstream financial press. Can you explain to Inner Circle members why you’re so excited?
Charlie Morris: There are plenty of candidates for the most important investment theme of 2016. We could look at a chart of the U.S. dollar. It has a massive impact on every other asset price. There’s also the price of gold. It would be another good choice. It includes lots of implied information on everything from investors’ confidence in the financial system to the likely level of real [after-inflation] interest rates.
Chris started his career as a commodities and energy analyst for the global financial news agency Reuters. He also worked as an investigative reporter during the Celtic Tiger boom in his native Dublin. Chris joined Agora in 2007 and is now the Editor-at-Large for Bonner & Partners and heads up The Inner Circle. He splits his time between Buenos Aires and Berlin.
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Agora Economics provides a long-term forecast of real total returns over the coming 10 years. The model forecasts annualized real returns and includes 8 factors, including valuation, demographics, interest rates, consumer economics and investment cycles.
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