REGULATORY MARKETS & INVESTING EXPERTISE
This narrative is not a surprise to those who invested through the internet bubble of the late 1990s valuation and fundamentals . The backdrop of high expectations generally in the market and high expectations specifically for direct GenAI plays ( and increasingly one exceptional company ) make us nervous about the prospects for the market . There are only two ways of losing money in equities : the earnings go away or the multiple goes away . Our ‘ double fussy ’ philosophy – owning resilient earnings at reasonable valuations – should help mitigate both risks , while providing decent compounding .
For more information , please email Simplybiz @ MorganStanley . com .
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¹ ² Source : FactSet , as at 30 June 2024 ³ Source : Forbes , 13 June 2024 , ‘ The World ’ s Largest Semiconductor Companies 2024 ’ ⁴ Source : FactSet , as at 30 June 2024
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