I am most optimistic about stocks, especially in the fastest markets and cheapest markets, namely; Russia, Latin America, China, Middle East and Indonesia. I am also bullish on US banks, properties, technology and healthcare on a tactical basis. Mining, energy and agricultural sectors also have high betas but their valuations are rich.
On the property front, I don't like leasehold mass market anymore. All others are fair game. Money is flowing into retail, office and industrial spaces but few realise that we have an even bigger supply glut in these sectors than for properties. For residential private property, we have about 4.5 years of supply. For retail and office, we have around 7 - 9 years! But for industrial, only 2.5 years. Yes, there is a shortage of industrial land, although I wouldn't call 2.5 years of supply a shortage!
I'll firm up my thoughts and discuss with those within my circle, my course mates, close friends, close clients etc. So please be nice to me!
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