BlackRock’s Rick Rieder, speaking on the same panel, said he agreed that equities will probably grind higher.
“You have most investors who’ve been through 2008 and they see crises and they always err on the side of the next one is coming,”said Mr. Rieder, the asset manager’s New York-based chief investment officer for fixed income. “I actually don’t think that’s right.”
Ms. Amoroso and Mr. Rieder are endorsing stocks even as other investors and strategists sound the alarm on risk assets, citing a global economic slowdown, intensifying U.S.-China trade war and geopolitical risks from North Korea to Turkey and Argentina. Still, they’re both encouraging a selective approach. Neither identified specific markets.
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For Ms. Amoroso, the priority is quality, yield and secular growth in technology and health care assets. There’s also value in some short duration high-yield debt, she said.
Mr. Rieder, meanwhile, said the front end of the U.S. Treasury yield curve offers “great risk-reward,” although he’s more cautious on the riskiest bonds.
“You have to be really careful in the high-yield market,” he said.