Famous Investors Look Forward To "Post QE": The Overall Impact Is Limited.

Howard Max, CO chairman and co founder of oak capital, believes that the global investment environment is mixed.

The United States is experiencing slow, gradual and unstable recovery, but by contrast, the situation elsewhere is even worse.

The gradual recovery of the economy may depend mainly on low interest rates, so the withdrawal of QE from the US Federal Reserve adds uncertainty to the future.

He advises investors to be prudent in the recent global investment environment.

Marx said that the quantitative easing policy of the Federal Reserve, the European Central Bank and the Bank of Japan lowered the interest rate of government bonds.

With low risk investment

As a result, the profits of other securities should also decline. At present, it is a low income environment. It is very difficult to achieve high returns. Investors are forced to increase their risk preference in pursuit of profits, which leads to the majority of asset pricing "high in a reasonable range".

Although there is no bubble in the current financial crisis, asset prices are not cheap.

In contrast, some private equity investors are optimistic.

US private equity firm Hamilton

Tom Kerr, managing director of Lane and two market director, told reporters that in the past month, the sharp fluctuations in US stocks were mainly affected by technical factors. From a fundamental point of view, the US economy continued to perform well, and corporate earnings growth remained strong. Although there were some fluctuations, it is expected that there will be no significant callbacks in the short term.

Cole believes that there is still a lot of liquidity in the market, and the Fed's expectation of ending asset purchases has existed for some time and has been digested by the market.

Last week, the Bank of Japan announced the expansion of quantitative easing. Liquidity provided by Europe and Japan is entering the US stock market.

On the whole, the market did not see the negative emotions that the Fed ended with the end of the QE.

Mark Heidfell, chief investment officer of UBS global wealth management, believes that the market has lowered the global growth expectation, and there has been room for unexpected positive gains.

He said he also increased US stock positions in recent years after he increased the US high-yield bonds.

The US economy is growing steadily, consumers will benefit from falling oil prices, and the Fed still has room for flexible monetary policy.

In terms of regional investment opportunities, Marx called himself a supporter of emerging markets.

He said that because of the low starting point and demographic characteristics, emerging market stocks still have excellent long-term potential and bring attractive valuations after the relative price adjustment.

Compared with developed regions such as the US, Europe and Japan, emerging markets are "like teenagers" and will face difficulties, but the prospects are bright.

In contrast, Mark Heidfell's observation method is slightly different.

He said he recently cut the exposure of emerging market shares, on the grounds that the growth momentum of these regions has weakened, and most emerging market countries, apart from China, do not have much room for policy operation.

In addition, the weight of commodity price sensitive industries in emerging markets is higher and is facing the risk of falling commodity prices.

Cole, a private equity firm, believes that China is still more attractive than other emerging markets.

Although China's economic growth rate may drop to 7%, lower than universal expectations, this level is still higher than many other regions.

There are bigger growth problems in emerging markets such as Brazil and South Africa.

Hamilton

Lane and its customers have not changed their willingness to invest in China, and are still looking for opportunities here.

On the industrial sector, Cole believes that energy and health care are capital intensive industries, requiring large amounts of capital and "smart capital", so private equity has a higher investment in these two industries.

Both the US and Europe and China advocate energy efficiency, which requires innovative ways of energy exploration and utilization to meet rising demand, which requires a lot of investment.

In addition, in order to cope with the continuous growth of information flow, the technology infrastructure needs to be upgraded constantly. This also requires a lot of investment, so there are more opportunities in the technology industry.