“I agree.” That is the short answer from Victor Zhang, chief investment officer of American Century Investments, as the discussion touches on a recent Tell Media Group roundtable on high yield in Denmark where one of the fund managers said that investors are being too complacent at the moment.
“This is something I’ve been speaking about for a long time and it’s just starting to happen,” he says. “In the last 15 years – from 2009 until beginning of 2022 – investors anywhere in the world only had to make three decisions. Don’t hold cash and therefore avoid low risk fixed income, own as much equities as possible and especially growth equities, and thirdly don’t diversify. If you made those decisions, you had a great run.” He adds that while it felt like a very odd strategy to everyone who worked in financial markets prior to 2009, it stillThe full article is only available to members
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