Today’s markets from a value investors perspective

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Japan, US and Euro stock markets have rallied on the back of 'renewed' signs of growth. However, John Abernethy raises the point that for the vast amounts of money printing that has taken place the growth is quite meager i.e. just above zero. “We have all lost context… We’re clearly looking at sub optimal growth… We can’t keep stimulating for not much growth. At some stage that stimulus has got to be withdrawn or dealt with.” Abernethy cites the example of Greece and says the debt side of the ledger for central bank balance is already being compromised. However, the bigger issues in his eyes are 1) the lack of fiscal policy required to stimulate growth and 2) a lack of confidence due to the lack of fiscal policy leadership from governments. In this interview he explains how he is approaching this scenario from a long term, value investing perspective


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