By Justin Tugman, CFA
Portfolio Manager Justin Tugman says slowing growth and rising multiples are making for a difficult investment environment. In his opinion, equities remain attractive, but investors should consider a defensive approach.
Transcript
Justin Tugman: From our perspective, this has been one of the more challenging environments we’ve seen in the past decade. It’s one where we’ve seen interest rates continue to go down around the world. The economic outlook has been slowing, not just in the U.S., but globally. Yet, the market has continued to increase, and we’ve seen multiples expand.