XPS Fund Manager Conference reveals 85% Asset Managers believe Economic Recovery is at least Two Years Away
XPS Investment held their 2020 fund manager conference this week with over 150 asset managers represented. In a poll over 85% of the audience thought it would take at least two years for the UK economy to recover to pre-Covid levels.
Ben Gold, Head of Investment at XPS commented “We’ve seen a rapid recovery in equity and bond prices since the huge falls across February and March. This reinforces the general observation that the market is increasingly dislocated from the underlying real economy.
“There are lots of reasons why this could be entirely appropriate given the market is forward looking, but another explanation is that the market is in bubble territory as a consequence of monetary stimulus leading to too much cash chasing too few opportunities.”