We remain constructive on #risk assets based on the solid fundamentals underpinning the market: strong global growth, post-pandemic reopening and recovery, strong fiscal and monetary policy stimulus, solid consumer setup expected to unleash pent-up demand. Recent market #volatility has been largely due to market rotation out of high momentum stocks and expensive growth stocks along with a tightening in #rates and inflation expectations, which should abate going forward.

Is the #market overvalued? Yes, but not as much as in other more speculative cycles and stocks still offer a high prior relative to prime rates. Otherwise, #corporate earnings visibility has improved tremendously, with global #earnings recovery (MSCI World) expected to be close to 40%. You can view the analysis at https://www.fynsa.cl/newsletter/buy-the-dips/