
Equity Research
Economics Weekly: From Growth to GARP
Richard de Chazal, CFA, Macro Analyst, Equity Research

One of the most important things for investors to grasp
at the moment is that the tectonic plates of global finance
and economics are shifting. This did not start with President
Trump, as it is the result of a number of structural
changes taking place within the global economy; however,
many of the current administration’s actions are amplifying
these changes. Perhaps the most important of these is
the shift in the inflation regime—from one that is low and
stable, with only downside risks, to a marginally higher but
more volatile regime, with greater uncertainty around the
economic outlook. Such a transformation has important
implications for bond and equity investors, and in this
Economics Weekly, we suggest one potential outcome is
a transition from growth investing to GARP (growth at a
reasonable price) investing.
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