Against a backdrop of sluggish economic growth and anaemic earnings, the importance of bottom-up stock selection becomes even more imperative for 2016.
For the year ahead, our preferred areas for investment are companies with strong cash flows and, in this low earnings growth environment, low cost producers that also have a flexible cost base.
While the macroeconomic outlook looks uncertain for global equities, Alex Tedder finds reasons to be bullish over individual companies, particularly those that specialise in disruptive technology and provide earnings power.
Black Friday should be the highlight of the year for retailers, a chance to drive the punters through their doors and out again via their cashiers filling the coffers along the way, but in reality is Black Friday causing more pain than profit for the retail sector?
At the time of writing, the MSCI Europe equity index has delivered a total return of around 10% this year and we believe investors should see further gains in 2016 given the continued earnings recovery in Europe.
Alex Tedder discusses how an uncertain macroeconomic backdrop means that a focus on company-specific drivers that can deliver earnings surprise, is the best way to navigate 2016.