Jeff Klingelhofer (Thornburg IM):»Los retornos vistos en los últimos años no son sostenibles en el medio plazo»

La visión de Thornburg Investment Management

Fecha:

Jeff Klingelhofer

Autor: Cecilia Prieto

"The biggest lesson in 2021 was that we should never discount the market’s ability to rally in the face of unknowns and adversity. The other lesson was to never discount the consumer’s ability to power the economy and drive company earnings growth."

"It remains to be seen whether inflationary pressures absolutely mean higher rates next year. The driving cause of inflation is critically important to understand when it comes to determining how quickly and by how much the Fed will raise rates—and in this case we think this will largely depend on whether inflation is predominantly driven by rising wages or by the ongoing supply-demand imbalances."

"We are favoring shorter-duration opportunities and will be even more discerning with our credit selections. It will be more important than ever to select corporate credits from companies with strong cash flows that can service their debt coming out of the pandemic."