In our judgment, this very long economic expansion in the major economies has further to run.  But evidence mounts that we are in the later stages of the cycle.

A moderate slowing in economic momentum, rising trade tensions, and a more complex political backdrop in many countries have made the investment skies cloudier.  While we are clearly in the late cycle, reliable leading indicators do not yet point to the risk of an imminent downturn, and 2019 global economic growth should still surpass that of the post-financial crisis average.  We think this suggests earnings and share values have room to advance.

This Special Report includes the following featured articles:

• 2019 investment stance
• Navigating the late cycle
• Building defense by dialing back risk in fixed income
• Infrastructure investing in the 21st century
• A generational shift in U.S. & China relations
• AI: Welcome to the age of transformation

Read the complete report here