Perspectives Blog

When the QE tide recedes, focus on what is revealed

Robert McConnaughey, Director of Global Research | January 6, 2014

…nking system to finance future growth and the revolution in energy production as a major input to overall increased cost-competitiveness. On the risk side of the ledger is the lack of adequate progress around fiscal reform or entitlements, the challenges of growing profits off of a base of historically high margins, and equity valuations that, while not excessive, leave far less margin of safety than we saw at this time a year ago. Our European t…