There's a transition in the mix of growth coming out of China,according to Lisa Shalett,Managing Director at Bank of America-Merrill Lynch.We think it's going from infrastructure/construction/building to a consumption/services mix.
Our thesis has been to go with the best of breed in Europe.That means Siemens,Daimler Benz,Astra Zeneca.Investor fatigue and the overhang of issues are really in the U.S. market.
Mario Draghi,President of the European Central Bank,can learn a lot from Federal Reserve Chairman Ben Bernanke.The risk in Europe now is a deflationary bust.You want to be in high quality,dividend-growing equities and investment grade corporates.You want to be in companies,not countries.Be in the emerging markets and high yield debt,Ms.Shalett counseled.
Lisa Shalett is Chief Investment Officer of Merrill Lynch Global Wealth Management and Head of Investment Management and Guidance.With over 17 years' experience in the investment industry,she has a BS in applied mathematics and economics from Brown University and an MBA from Harvard Business School.
Bank of America-Merrill Lynch(BAC),Siemens AG(SI),Daimler AG(DDAIF),Astra Zeneca(AZN)
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