Economic & Market Perspectives: This Is What Late Cycle Looks Like

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Economic & Market Perspectives
August 2019
Matthew Peron
This Is What Late Cycle Looks Like
Matthew Peron, Chief Investment Officer Paul Single, Managing Director, Senior Portfolio Manager Steven Denike, Portfolio Strategy Analyst
For most of the past decade, asset prices have risen with limited interruption. However, the investment environment has shifted over the past year and a half, and portfolios that served investors well during the steady ascent of risk assets could now be exposed and will have to work harder to generate returns than in previous years. This is what late-cycle investing looks like. More modest gains, with higher volatility, as investors grapple with uncertainty surrounding policy and mixed messages about the sustainability of the expansion.
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