Investment Guides 

Macro backdrop

Investors who ignore the macroeconomic backdrop do so at their peril as this has a great influence on how certain sectors will perform at various stages of the business cycle. For instance, in the early stages of a bull market expect higher-risk assets to perform best and small and mid-caps to outperform large caps. Break down the sectors within these groups and financials, media and early cyclical sectors more often than not lead the stock market charge while defensives trail behind.

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