From January 30th, 2017 client presentation.
It looks like we are in the 6th or 7th innings of an economic expansion in the USA. There are places in developed world and emerging markets that are still behind us and where there is still opportunity for equity upside. This is why we stay globally diversified.
At the same time, there are opportunities throughout the market cycle in different sectors of the US economy. This is why we stay broadly diversified across sectors all the time.
Previously: Wage Increases are Good and Bad