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Jol Reuland, analyst at Banque de Luxembourg, about the impact of current political events on the markets, the fragility of the world economy and why he recommends a defensive asset management strategy over the medium term.
LFF: In which direction are the markets heading right now?
JR: The most reliable criterion for making a stock market prediction providing that the investment horizon is relatively long is that of value. Following two years of strong performance by stock markets, shares are relatively expensive today. This suggests moderate returns in the medium term. Taking into account the level of indebtedness of most industrialized states, a major stock market correction which...
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