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The takeaway for investors is that their financial plans should consider a negative impact on economic growth caused by rising debt, which could lead to lower equity returns if valuations move lower (to provide investors with a greater risk premium). Lower potential economic growth along with the risk of increased inflation, when combined with historically high valuations of U.S. stocks (as represented by the S&P 500) and historically low bond yields, should raise concerns.
Investor takeaways
Given the findings of a takeover effect and the fact that small and value companies are both more likely to be acquisition targets, one conclusion you might draw is that if you are going to invest in small stocks, you should invest in small value stocks. That way you earn not only the takeover premium but the value premium as well. It will be interesting to see if fund managers adapt the takeover factor in their fund construction designs.
Visco ammonisce ad evitare "una vana rincorsa fra prezzi e salari" di fronte all'aumento dell'inflazione. Per Visco invece di una generale crescita delle retribuzioni agganciandole ai prezzi di alcuni beni, sarebbero opportuni "interventi di bilancio di natura temporanea e calibrati con attenzione alle finanze pubbliche" per contenere i rincari delle bollette energetiche e sostenere il reddito delle famiglie. Al momento, nota Visco, segnali di "trasmissione delle pressioni dai prezzi alle retribuzioni" non si sono finora registrati.
The objective – to compel Russia to withdraw its forces from Ukraine – has patently not been achieved. Military aid has been far more effective in that respect. But the harm done to the rest of Europe and the outside world is now glaring. The EU should stick to helping Ukraine’s war effort and withdraw economic sanctions against Russia. They are self-defeating and senselessly cruel.