Inflation and the associated turnaround in interest rates have been dominating the capital markets since the beginning of the year. Emanating from the USA, the loose monetary policy is being scaled back faster than expected, which has led to losses on the stock markets. So there’s good reason to be a little more cautious, but there aren’t many good alternatives to stocks either. Active management is therefore more important than ever to select those stocks that can survive in a difficult environment.
