Brett Girard, chief financial officer and portfolio manager at Liberty International Investment Management
, discusses his outlook for the markets.
Currently, in Canada and outside the U.S. the general decline in interest rates continues to act as a stimulus, although the overall economic picture is less clear. South of the border, the wealthy, emboldened by the wealth effect, will continue to mask the struggles of lower-income households and prop up consumer spending. This, combined with observations of slowed inflation, receding interest rates , and strength in the job market, creates a positive outlook for the U.S. economy.
At the same rate, the economy is not the stock market. Investors are reminded that over the long term, generating free cash flow and shareholder yield are key drivers of returns. Investing in competent management teams that “control what they can control” via pricing power, appropriate capital structure, efficient marketing and measured research and development should be the focus as opposed to predicting the headlines around economic factors.
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