JPMorgan's top strategist says buy more gold, stay underweight stocks because of high rates, geopolitics

JPMorgan's top strategist is telling investors to buy more gold and remain underweight stocks. Marko Kolanovic on Tuesday said he holds a negative outlook over the medium term, even as stocks come off their recent lows. All three major averages remain higher this month, shrugging off higher yields and the breakout of the Israel-Hamas conflict. The S & P 500 is up around 2%.

"Equity valuation faces increasing risk from higher for longer. Equities are up YTD mostly on multiple expansion while real rates and cost of capital are moving deeper into restric-tive territory," Kolanovic wrote. "History suggests this relationship is becoming increasingly unsustainable, posing risk to the equity multiple. The current level of real rate implies S & P 500 multiple is overvalued by ~2.7x ," he added.

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This is how JPMorgan's massive income ETF can again pull ahead of the stock marketThe JPMorgan Equity Premium Income ETF (JEPI) has held up better than the S&P 500 over the past three months.
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Divergence With Bonds Hints at Potential Decline for StocksMarket Overview Analysis by Michael Kramer covering: S&P 500, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Company. Read Michael Kramer's latest article on Investing.com
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