RBC：2022年长期投资战略前景报告-实体资产、股票投资分析（英文版）（38页）.pdf

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1、Special report2022 OutlookGLOBAL Insight For important and required non-U.S. analyst disclosures, see page 35.Produced: Dec 1, 2021 8:37 am ET; Disseminated: Dec 1, 2021 3:28 pm ET Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federa

2、l government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.The long-term investment landscape: Where to from herePage 2 of 38 Global Insight | 2022 Outloo

3、kGLOBALInsight2022 OutlookJim Allworth Vancouver, Canada Kelly Bogdanova San Francisco, United States Frdrique Carrier London, United KingdomA look aheadThe two-year-old COVID-19 pandemic has left its mark on households, the corporate sector, and the economy, all of which have had to adapt to new an

4、d challenging circumstances. As 2022 looms, the initial “catch-up” phase of the global economic recovery after the shock of the pandemic is giving way to an expansion phase. In our view, the era of outsized, globally synchronised fiscal stimulus and unprecedented monetary stimulus is beginning to re

5、cede. From now until well into 2023, we see the trajectory of the worlds major economies being shaped by the normal progression of the business cycle. In this report, we focus on the outlook for equities and fixed income. We expect the current phase to be good for equities for as long as a U.S. and

6、global economic recession can be avoided. Beyond this, we surmise that a period of intense corporate competition and even greater corporate concentration will emerge, and that stock selection will be key to portfolio performance.Fixed income investors are facing a landscape transformed by the crisis