Global Investment Outlook
Take a deep dive into our latest views on the Global Outlook
Dec 4, 2024
Read our insights across asset classes, assessing recent events and their potential implications for tactical and strategic allocations.
2025 GLOBAL INVESTMENT OUTLOOK
Building the transformation
We are not in a typical business cycle. Mega forces like AI are transforming economies, breaking historical trends. We stay risk-on as we look for transformation beneficiaries – and go further overweight U.S. stocks as the AI theme broadens out. We have more conviction inflation and interest rates will stay above pre-pandemic levels.
Investment themes
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01
Financing the future
Mega forces including AI are transforming economies. We see capital markets – especially private markets – playing a vital role in building this transformation.
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02
Rethinking investing
This transformation raises questions about how to build portfolios for an ever-changing outlook. We think investors should focus on themes more than broad asset class views, and put more weight on tactical views.
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03
Staying pro-risk
We remain pro-risk, starting with our confidence in U.S. corporate strength. But we stay nimble. Key signposts for changing our view include any surge in long-term bond yields or an escalation in trade protectionism.
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