'People are stupid': Strategist sees big downside as stocks ignore global crises — and names what to own

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'People are stupid': Strategist sees big downside as stocks ignore global crises — and names what to own
Nederland Laatste Nieuws,Nederland Headlines

David Roche of Independent Strategy said equity markets are relatively buoyant 'because people are stupid' and overly complacent to global crises.

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Despite ongoing economic crises around the world, global stock markets have remained resilient so far this year. However, one veteran strategist warns that this disconnect between geopolitics and equities won't last forever. David Roche, president and global strategist at Independent Strategy , said equity markets were still relatively buoyant "because people are stupid" and overly complacent.

"Much longer higher interest rates means that they actually have to squeeze profit margins in order to get inflation figures to come down," Roche said. Roche believes slowing earnings growth will be the catalyst that finally causes a significant stock market correction. "It's because [investors] think these things are not related. They are related.

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