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1、GlobalInvestmentStrategyInvestmentStrategyEquityStrategy
2、Global21August2013TheLongestPicturesMichaelHartnett+16468551508ChiefInvestmentStrategistMLPF&S¢Apictureguidetofinancialmarketssince1800michael.hartnett@baml.comTheLongestPicturesillustratelong-runtrendsinfinancialmarketswithnearly150Swath
3、iPutcha+16467430198GlobalEquityStrategistchartsofassetprices,returns,yields,correlation,volatility,valuationsandotherMLPF&SmarketandmacrofactorsfortheUS,UK,Europe,JapanandEmergingMarkets.swathi.putcha@baml.comBrianLeung,CFA+16468550389InvestorscanseeUSequitypricessince1824,Dutchbondyieldssince1
4、517,theGlobalEquityStrategistUKbaseratesince1705,theoilpricesince1861,GDPgrowthsince1795,andMLPF&Sbrian.leung@baml.comthehistoryofgreatbull&bearmarketsamongmanyothercharts.Forour2013edition,wehaveaddedahistoryofequitysectorreturns,relativeequityperformancebyregionsaswellasGDPgrowthandinflationo
5、vertime.TableofContentsThestudyshowshowhistoricandextraordinaryfinancialmarketsaretodaywithunprecedentedcentralbankintervention,multi-centurylowsinDevelopedMarket1.TheLongestEquityPictures–7interestrates,all-timehighsinUSequitymarkets,andtherapidrecoveryfromthegreatestUSrealestatebearmarketsinc
6、etheearly1900s.2.TheLongestBond,Currency&CommodityPictures–40TheLongestPicturesalsorecommendsthatasecularcontrarianshouldbebuyingEquities,Europe,Japan,Banks,Utility&TelecomstocksandsellingGold,3.Risks&Returns–56Bonds,EmergingMarkets,ConsumerStaples&Discretionarystocks.4.ValuationTrends–89Ourfir
7、stLongestPictureofnewequityindexhighsandasecularinflectionpointin5.OwnershipTrends–100bondyieldsshowstheshiftinassetleadershipfrombondstostocks,the“GreatRotation”,hasbegun.6.MarketShareTrends–104Chart1:DJIAandUSTreasuryBondYieldssince19007.Macro&DemographicTrends–12215.510000013.514%1000011.59.
8、510007.51005.55%103.52%2%1.51190019101920193019401950196019701980199020002010LongTermTreasuryYieldsDJIA(righthandscale)Source:BofAMerrillLynchGlobalInvestmentStrategy,Haver,Bloombergc58da9b710df662cBofAMerrillLynchdoesandseekstodo