We continue to look for the S&P 500 index to outperform.


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Our basic read on the macro picture in the US is quite positive, so we are less concerned about some of the things (credit risks, re-accelerating inflation) that some investors have worried about. The improving economic outlook in the US, stronger loan growth, and declines in credit losses should all be supportive for the S&P 500. As long as the macro news in the US continues to signal improvement we are likely to maintain a pro-risk bias.


We favor gaining exposure to the US stock market. Do you have the same view?
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