ITOT - ITOT: Strong Potential Returns In 2022

• ITOT is a diversified source of equity beta, investing in small-caps right through to the mega-caps.
• At the moment, from a valuation perspective based on earnings projections roughly in line with the consensus, the implied equity risk premium is well above what I would consider normal.
• Therefore, recent share price declines are likely to be met with a continued resurgence. I would not rule out all-time highs being achieved in 2022 once again.
• However, we will need to continue to monitor equity markets for the possibility of tighter valuations and/or recession risk (in the later stages of the business cycle).

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