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

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Marko Kolanovic said he holds a cautious outlook and is maintaining a defensive tilt in his portfolio.

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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