Outlook 2021: A world in transition

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VIRTUAL PROGRAM What a vaccine, changes in Washington and a shifting geopolitical landscape could mean for the global economy, the markets and our financial lives.
Outlook 2021: A World in Transition

Outlook 2021: A World in Transition

Hosted by:
Aron Levine
President of Preferred and Consumer Banking & Investments,
Bank of America
Moderated by:
Chris Hyzy
Chief Investment Officer,
Merrill and Bank of America Private Bank
Featuring:
Michelle Meyer
Head of U.S. Economics,
BofA Global Research
Joe Quinlan
Head of CIO Market Strategy for the Chief Investment Office,
Merrill and Bank of America Private Bank
Savita Subramanian
Head of U.S. Equity & Quantitative Strategy
& Head of ESG Research,
BofA Global Research
[PROGRAM OPEN WITH TEXT OVER MONTAGE OF VIDEO CLIPS]
Economic recovery
Vaccine rollout
New policy priorities
China and global trade
Business innovation
New investment trends
What does it all mean for you?
Outlook 2021: A World in Transition
Please see important information at the end of this program. Recorded on 12/09/2020.
Aron Levine
President of Preferred and Consumer Banking & Investments
Bank of America
Hello, this is Aron Levine, President of Preferred and Consumer Banking & Investments at Bank of America. I want to welcome you to the Outlook 2021 presentation: A World in Transition.
A panel of experts from the Chief Investment Office and BofA Global Research will share a detailed perspective on the year ahead, including what may be in store for the markets and the economy.
You'll hear from:
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  • Michelle Meyer, Head of U.S. Economics for BofA Global Research;
  • Joe Quinlan, Head of CIO Market Strategy for the Chief Investment Office, Merrill and Bank of America Private Bank;
  • And Savita Subramanian, Head of U.S. Equity & Quantitative Strategy & ESG Research, BofA Global Research.
Their discussion will be moderated by:
[TEXT ON SCREEN OVER PHOTO]
  • Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank.
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Outlook 2021: A World in Transition
  • Outlook for the economy and markets
  • Priorities for the new administration and Congress
  • What a vaccine could mean for our future
  • What's ahead for trade and foreign policy
  • Impact of innovation on investment trends
The panelists will discuss:
  • The outlook for the U.S. economy and the markets
  • Priorities for the new U.S. administration and Congress
  • What a vaccine could mean for our future
  • What's ahead for trade and foreign policy
  • How innovation and change are currently accelerating investment trends
And steps investors like you can consider now to prepare.
As we close out 2020 — a year like no other — we hope you find this conversation useful, educational and informative.
Should you have any questions, either as a current or prospective client, please contact a Merrill Financial Solutions Advisors or visit our website. We're here to help. Thank you for joining us and providing the opportunity to keep you informed.
And now, I'll turn it over to Chris Hyzy.
Chris?
Chris Hyzy
Chief Investment Officer
Merrill and Bank of America Private Bank
Thanks Aron. And thanks to everyone for joining us for this special program.
We're going to be talking about the outlook for 2021 and why we believe this will be a year of transitions — from the pandemic and the economy to how we live our daily lives. And we'll also look at how these transitions are changing the way we think about investment opportunities and risks in the coming year and beyond.
Joining me to talk about these topics are Michelle Meyer;
Michelle Meyer:
Hey Chris.
Chris Hyzy:
Joe Quinlan;
Joe Quinlan:
Hi, Chris.
Chris Hyzy:
And Savita Subramanian.
Savita Subramanian:
Hi, Chris.
Chris Hyzy:
Michelle, the global health crisis is by far the most significant event we've experienced in many, many decades. What does the prospects of vaccines mean for the future of this U.S. economy?
Michelle Meyer
Head of U.S. Economics
BofA Global Research
Well, it's hugely significant. The extent to which a vaccine can be rolled out and distributed can really change consumer behavior in a monumental way. If people feel comfortable re-engaging in the economy, returning to activities that they haven't done now for almost 12 months, that will be really impactful for bringing about demand;
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Re-engaging in the Economy
  • Restaurants
  • Indoor & outdoor dining
  • Entertainment
  • Travel
  • Experience-based spending
For things like restaurants, dining indoors as well as outdoors, entertainment, travel, and all the other types of experience-based spending, which has really been dampered down as a result of the COVID pandemic. So the vaccine is a big, big part of what we're thinking about as we look ahead to 2021.
Chris Hyzy:
Now you've talked about this extensively over the years and actually this year a lot, it's all about confidence. So even in the face of rising waves of virus case growth, overall confidence has actually improved. But what else needs to happen to fully restore consumer and business confidence in this recovery? And also what are the risks to this outlook?
Michelle Meyer:
Sure. So as you noted Chris, I mean, consumers have been resilient.
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Consumers have been resilient and businesses are embracing new technology
Confidence levels have remained reasonably well-supported, all things considered. And the same with businesses, we've actually seen a lot of dynamic behavior amongst businesses with new business applications rising and with a real move towards more innovation and embrace of technology. So we've been pleasantly surprised by how the consumer and the business community has been able to withstand such an incredible shock.
But to get to that next stage for the cycle for the recovery, I think it would require people and businesses feeling free to, you know, invest kind of openly and to spend openly without a concern about a resurgence of the virus, without a concern about, you know, this change in consumer behavior that we had seen as a result of COVID.
So once again, it goes back to the vaccine, the extent to which the vaccine is distributed, implemented and changes people's risk tolerance in a positive way, businesses can feel as though they have a path forward in terms of how to invest and how to prepare for the future. And obviously consumers can go out and spend and re-engage as well.
Chris Hyzy:
So Savita, let's switch now to the market. From Michelle's comments about the broader economy and on those notes, this pandemic is altering our lives in a number of ways. And that's having obviously a big impact on different sectors of the economy and industry groups within the market.
Now for example, we're all buying a lot of things, a lot of goods, especially online. There's been a massive shift of spending after an initial significant rise in the savings rate. But there are still other obvious areas like travel, leisure, entertainment and other service industries that are still really hurting and waiting for the post vaccine environment to begin in earnest. What's your take on the different sectors and how they are being affected or not?
Savita Subramanian
Head of U.S. Equity & Quantitative Strategy & Head of ESG Research
BofA Global Research
Yeah, it's a really interesting question and this year has been fascinating in terms of the bifurcation of spending patterns. I mean, we saw initially a very strong stock-up mentality where consumer staples was a big beneficiary of the initial, you know, almost a panic around the lockdown or the social distancing and the stay at home mandates.
Then we saw a shift to more discretionary online spending. Throughout it all we saw some transports do well, others do poorly. So for example, trucks that drive stuff around, those companies actually saw an uptick in sales from just an increase in online activity.
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Areas that Were Hit Hard
  • Air Travel
  • Service industries
  • Real estate
But, you know, obviously air travel, services, those areas of the economy saw a big downtick. Real estate was another sector that started to get hit harder as a, as the social distancing mandates progressed through time. You know, a lot of Millennials moved back home. I mean, we saw a lot of really unusual and idiosyncratic trends in the market.
You know, finally just sort of thinking about what will last, I think that COVID really accelerated some of the adoption trends that were already in place pre-COVID.
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Trends that Are Accelerating
  • Brick & mortar stores to online shopping,
  • Working in the office to telecommuting
So for example, a shift from brick and mortar spend to online was really accelerated by COVID. Telecommuting, which is something we're all doing today right now. That was another trend that was very strongly accelerated by stay at home mandates. So it was interesting to see some trends really accelerated and others we think are going to, are going to change once we get to, you know, a reopening of the economy.
Chris Hyzy:
That's a very, very important point. And as we've detailed out, this is a world in transition. You could also say this is the world that's accelerating.
So Joe, speaking of so many transitions and accelerants that we've all experienced, what do all of these changes and transition points, including the promising news on the vaccine front, mean for our everyday lives? You know, the choices we make, the changes that we have now become to be core to what we do daily? What kind of investment opportunities could they present and do we expect these trends to build on themselves throughout the year?
Joe Quinlan
Head of CIO Market Strategy for the Chief Investment Office
Merrill and Bank of America Private Bank
Well, Chris, as you know, every pandemic or a crisis like a pandemic leaves a footprint, it has a legacy and this year will be no different.
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Legacy of the Pandemic
  • More emphasis on public health
  • Expansion of the digital economy
  • Greater automation and productivity
So when you kind of look across the valley into the next year and beyond, think more emphasis on public health. Healthcare has become a focal point for governments. So more spending there. Think also the digital global economy blowing out because we're all working more remotely. And then last but not least, think about the manufacturing services and the automation and the productivity.
Savita talked about acceleration, for sure when it comes to how we work differently in factories, in banks, in education, it's across the board. So the normalization is going to look slightly different from say 2019 to where we are going to be in 2021.
Chris Hyzy:
So let's expand upon that just slightly here, you know, and a normal reaction would be to say that that might be a one-year phenomenon or that might be something that goes for a couple of years and then fades away. Are these trends something that are building well embedded into what we will do for the better part of a decade?
Joe Quinlan:
I really think it will, Chris. Particularly when it comes to telemedicine, remote education, working at home, how we travel, we're going to get back. We're going to normalize our, when we look forward. But at the same time, there's a stickiness to dealing with your doctor remotely. We're going to see more universities go more remote with their students. And then when it comes to automation and delivery, logistics, we're just on the cusp of a whole new renaissance in how we deliver goods, how we consume goods and how we travel.
Chris Hyzy:
And that obviously will have a pretty sizable impact on the different and the changing nature of the different investment opportunities as we go from one cycle to the next. And thinking of cycles, of course, you know, another big event of 2020 was the U.S. elections. We have a new administration taking office in January and most likely as we sit here today, the continuation of a split government in Congress.
So Michelle, with this backdrop in Washington, what are the prospects for additional stimulus spending in '21? What size should we anticipate and the possible timing? And I'll give you a couple of more. How important is it for the continuation of the recovery overall and potentially the rising debt load and wider deficits? What type of drawbacks and the implications thereof, in your opinion, can there be?
Michelle Meyer
Head of U.S. Economics
BofA Global Research
Sure, great. There's a lot there, so I'll unpack it a little bit. First in terms of the most, kind of upcoming event, that's the passage of a COVID relief fiscal bill, a stimulus bill or an aid bill. There are negotiations happening in Washington on an ongoing basis
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Next Fiscal Stimulus
  • Could provide $750 billion to $1 trillion for:
    • The unemployed
    • Small businesses
    • State and local governments
    • Frontline health workers
And we do anticipate that in short order, we will see a stimulus bill enacted on the order of about 750 to 1 trillion of dollars, really focusing on the most vulnerable parts of the economy. Those that are unemployed, small businesses, likely some support for state and local governments, although that is a sticking point right now. And also, of course, support for the healthcare industry and those frontline workers.
So that should take place shortly and that should provide a nice boost to the economy, to the consumer and hopefully to small businesses to allow them to keep their doors open and really just bridge the gap until we get to the point that the vaccine is here and we can return to a quote unquote more normal economy.
In terms of what this means for the deficit and the debt more broadly, sure, it's expansionary fiscal policy. The deficit has increased at a dramatic rate in 2020 and is anticipated to continue to expand. I don't think that we're going to be entering a period of true fiscal austerity for a while, for a number of reasons. One, we still have a lot of healing to do in the economy, which requires continued stimulus and support. And that seems to be the path that's being taken in Washington right now.
And the second very important reason is that debt costs are very low right now. Financing costs are very low. Monetary policy is accommodative. Interest rates are low, so it's fairly easy to service one's debt right now. And I think that's encouraging that debt expansion, but at some point that will have to be addressed. I just don't think it's an immediate concern.
Chris Hyzy:
That's a great point. And speaking of addressing things, Joe, we're also likely to see changes in trade and foreign policy, including relations between the U.S. and China. There's so much to this dynamic, but take us through the outlook there.
Joe Quinlan
Head of CIO Market Strategy for the Chief Investment Office
Merrill and Bank of America Private Bank
Well, Chris, I think first and foremost, a Biden administration, when it comes to foreign trade and foreign policy, it's going to be muted. So it'll be toned down a little bit from the previous administration, more multilateral in general.
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New administration could take a more multilateral approach to trade and foreign policy
If you look at the selection of the Biden cabinet thus far, these are globalists. They understand the transatlantic community. They've worked with Japan, they've worked with China. So I think we'll see a bit of a dialing down of the trade tensions. Now they're still going to be there, particularly between the United States and China. There's lots still to work out there, but there's a lot of opportunity, whether it's climate change, energy. There's opportunities for the United States and China to work together, and I think this is where the Biden administration is going to go and try to look for cooperation.
And then lastly, when you talk about the European Union, the Europeans are very excited about reaching across the Atlantic, working with the Biden administration. And that's hugely important for U.S. companies because when you look at global earnings, the larger share comes from the European Union. So if we can reset with Europe, that's bullish for earnings longer term. And if we can dial down the U.S.-China trade tensions, that's bullish all around globally for earnings and economic growth.
Chris Hyzy:
Yeah. So speaking of the corporate sector or companies, Savita, you know, profit momentum is beginning. We've seen record third-quarter profits on some measures and we're fully in 2020, and we're heading into a backdrop in 2021 completely that looks to be where operating leverage begins to take further hold. You've talked about this, you've studied this, you've analyzed this. What kind of effect could these transitions have on the corporate profit outlook overall for 2021?
Savita Subramanian:
Yeah, absolutely. So I think what's really interesting, and as you highlight, corporations have been really resilient, and in fact, margins, corporate margins are back to pre-COVID levels.
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U.S. companies have been very good at managing costs and supply chain disruptions during the pandemic
So they've, you know, companies in the U.S. have been very good about managing costs, managing supply chain disruption. We've seen a very, a very adaptive corporate community. Now what happens next? Well, next year we have a very robust forecast for corporate earnings.
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2021 could see a 20% recovery in corporate earnings
Source: "20/20 perfect vision? We'll settle for 2021,"
BofA Global Research, 11/24/2020
We're expecting a 20% earnings recovery, which is really, really strong. I mean, this is a massive pickup from a, you know, complete shutdown of economic activity. Where it gets interesting is it kind of dovetails with Joe's comments earlier about, you know, renewed relationships with countries.
And I think what that does is it gives multinational companies in the U.S. a firmer footing in terms of thinking about, you know, planning for the future. Where to build new plants, where to extend operations. You know, I think that the other point that Joe made about the legacy of COVID, the health care crisis. I think what this means is that companies are going to be more likely to focus on healthcare spending and you know, how to accommodate their employees' needs.
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During the 2020 bear market, companies' social policies
were important differentiators of market performance
Source: "Bull market phenomenon? Quite the contrary,"
BofA Global Research, 03/25/2020
And interestingly, during the bear market of 2020, we found that social factors like companies' policies around leave and healthcare were very important differentiators of performance. So I think these are some of the lasting footprints that COVID leaves on the corporate ethos.
I also think, you know, going back to your earlier point about consumption trends, we're going to see a real, again, a real bifurcation in consumption and really kind of the polar opposite of what we saw this year. So instead of spending on stuff, we're going to spend on experiences and we're going to go travel again. Corporate travel could be more limited because we figured out we don't need to do as much as we did in the past, but I think that travel and entertainment and services, you're going to see a big pickup in activity in those areas of the market.
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2021 Earnings Recovery
  • Cyclical sectors
  • Manufacturing
  • Capital investment
  • Services & Leisure
So we're expecting a very strong earnings recovery led by cyclical sectors, by manufacturing and CapEx beneficiaries, as well as services and leisure within the consumption oriented sectors.
Chris Hyzy:
So expanding on that topic just slightly here, is it fair to say that when we step back, and all of us do this from time to time, when we think strategically about different cycles, is it fair to say that in your estimation, a CapEx or a capital investment cycle has been the missing link in prior cycles that we've all lived through? And is it something that you see building not just next year, but over the course of the next few years?
Savita Subramanian:
To your point, the last 10 years, we we've really failed to see a strong traditional CapEx cycle. And then when you look at the infrastructure and, you know, the state of affairs in the U.S., stuff is really old, we're at a point where the average age of equipment is older than it's ever been. Part of this is because, you know, equipment lasts longer because of quality improvements, but I think that we are due for a more traditional CapEx cycle. And maybe now coming out of this lockdown and having a little bit more visibility around global relationships that might drive a stronger multi-year CapEx cycle.
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Going forward, companies could focus investment spending on tech and automation
I do think, though, that the trend going forward is more spend on tech and, you know, automation is the name of the game. Even if we're bringing back jobs and plants and property to the U.S. there was almost a greater need to automate given the labor cost differential between the U.S. employer and the rest of the world.
So I think that while we could see a traditional CapEx cycle ensue over the next few years, we're still going to see bigger tech spend than what we've seen, you know, in a traditional CapEx recovery.
Chris Hyzy:
You know, that's a, that's a great point. And that convergence point between the rise of the digital economy that Joe and Michelle talked about mixed with that traditional so-called CapEx cycle of plant, equipment, where those two areas converge in the years ahead, that'll be something really to watch for.
Michelle, when you look beyond the next year or two and we look into what we call the new frontier, 2022 and beyond, what do you see as the key drivers of economic growth as we move further into the recovery?
Michelle Meyer
Head of U.S. Economics
BofA Global Research
So I think we'd start by saying that we should assume or operate under the assumption that interest rates are going to remain very low into that period of time. The Fed has embraced an extraordinarily accommodative monetary policy where they are all but guaranteeing a low level of interest rates, which means, you know, a low cost of capital.
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Low interest rates should help to encourage greater business investment and innovation
And I think what that will do is exactly what Savita said, help to encourage greater business investment, greater innovation. That's also going to be coming in a time where there will be a further push towards on-shoring and helping to drive greater spending and investment amongst the business community in the U.S.
So, we would certainly look towards that. And I think that could be clearly very promising because the quote unquote capital stock in the U.S. hasn't been in it, you know, properly invested in the past several years. So there's lots of scope to invest, to build and to get those productivity gains from that.
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Low interest rates also help create a positive "wealth effect" among consumers and households
The other somewhat related point when you think about low interest rates, it also helps to generate a positive wealth effect. We've seen asset price inflation in terms of markets and in terms of housing and that creates support for consumer balance sheets. So you can continue to see consumers, you know, engage actively in the economy, given that they have this nice tailwind from a positive wealth effect.
Chris Hyzy:
So Savita, sticking with the stock end of things, Michelle talked about the capital stock. Let's switch from that type of stock to the equity market and also taking into context the wealth effect. From your perspective, in terms of the overall equity market, what should investors be watching for in the coming 12 months and what type of trends or characteristics within the market are areas that they should consider?
Savita Subramanian
Head of U.S. Equity & Quantitative Strategy & Head of ESG Research
BofA Global Research
I think there's a lot that we need to keep track of and this market is really keeping us on our toes. You know I think that the progress of the vaccine, adoption of the vaccine, timing of the reopen, size of fiscal stimulus packages, how rates adapt to an environment where we are expecting a reasonable pickup in the economy.
So, you know, I think that our view is that rates remain low, but if we do see a quick snap back in demand, one could argue that there is a bit of a heightened risk for inflation pressure. So these are all barometers, I think, of the markets and the economy.
You know, one thing I worry about for the stock market in particular is I think that a lot of the good news has already been priced in to the market. So next year, we really need to see delivery on a lot of the expectations that we have.
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What to Watch for in 2021
  • Delivery of the vaccine
  • Economies reopening
  • Return to "normalcy"
So in 2021, we really need to see a delivery of the vaccine. We need to see the world reopen, we need to see, kind of some resumption of normalcy in order to keep these market gains going. I think we will, but I think that gains next year may not be as strong as what we're used to over the last decade.
Chris Hyzy:
Now the word volatility, Savita, is something that we've probably expressed every day throughout this entire year and likely on a go-forward basis. What's the overall view on volatility? Is it episodic? Is it something that remains so-called tame when you calculate it and you look back, or is it a gyration type of asset price up-and-down saw tooth year from your perspective?
Savita Subramanian:
We're in a really extreme period, you know, and this is really being driven by extreme asset flows, the ability to trade faster. So, you know, we're in an environment where it feels like every day, like you said, you look at market moves and you're seeing these multiple standard deviation events or record flows. I think that's something we just need to get used to. In this environment, the opportunity it presents is just really great alpha for long-term investing.
And one of the things that we've realized is that as the world becomes more short term and as investors become more short term and fast trading windows become faster and faster;
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Opportunities for Long-term Investors
  • Capitalize on market pullbacks (declines of 5% or more)
  • Add exposure to new areas
  • Take gains in other areas
There are tremendous opportunities for longer-term investors to capitalize on pullbacks and, you know, add exposure to areas of attractiveness in their portfolios, or similarly to take gains in areas of the market that might've heated up too quickly. So I think all of the volatility that we're seeing today and all of this sort of fast moves in the market present really compelling opportunities for longer-term investors.
Chris Hyzy:
Yeah. That's a, that's a great phrase right there, compelling opportunities and taking action. So, Joe, the final question goes to you. You know, Michelle talked about economic trends, what are the growth drivers thereof. Savita talked about the market trends and where those areas converge. What does this all mean for how we think about asset allocation on a strategic or longer-term basis, as well as for the upcoming year or two?
Joe Quinlan:
Well, Chris, it's to have that discipline and not be pushed-pulled by the headlines or whatever's happening today in the market.
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Putting it All Together
  • Be disciplined in your investment process
  • Have a long-term strategy
  • Diversify across sectors and countries
And really think long-term strategically, you know, good core competencies, great global brands, the disruptors. And so that diversification really does matter. Just look at the U.S. economy. It's $20 trillion plus, but there's different industries, different sectors pulsating at different times during every cycle. And so have that discipline and then even globally, when you say Europe, what does your really mean?
And I think so you got to really differentiate, dig deeper. Is it the life science companies in Switzerland, capital manufacturers in Germany, luxury providers in France, really differentiate, but have that diversification. The same with the emerging markets. What does that mean? You've got Northeast Asia tech driven by Taiwan, South Korea. Then you've got more of the commodity producers like Mexico and Brazil.
So fine tune your strategy, go for the companies and the sectors that are growing faster than global GDP. And I think that's a successful roadmap towards investing for longer-term returns.
Chris Hyzy:
So Joe, if you, if you had a quilt of assets in front of you right now and you're thinking about the next few years. And you're stepping back and you remember these last couple of decades where a standard asset allocation had performed well, total return in equities and fixed income performed together, what can we take from the next few years, or perhaps the next decade in terms of the equity versus fixed income mix? Are investors thinking about raising that mix more towards equities to stay with that level of return they're used to, or any big changes do you see unfolding in these next few years?
Joe Quinlan:
Well, one in particular, Chris, and Savita talked about it as well as Michelle, the risk of inflation.
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Inflation could present a longer-term risk for assets, particularly fixed income
I mean that's out there, but we've had a whole generation grow up with investors, they don't know what inflation really is. We've got to keep a close eye on that, particularly when it comes to fixed income.
Another area we've got to watch very carefully is we're in an era of big government, right? Big government is behind monetary expansion, fiscal expansion, as that is taken away, what does that mean for equities and the fixed income market? But I would say Chris, at the end of the day, look at historically, you know, the pandemic of 1918, the Great Depression, world wars, you name it.
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From a historical perspectives, equities have provided the best returns to investors over time
Equities give you the best returns when you look across that quilt in terms of real return. So pick the sectors that are growing cyclically, structurally, put your money into these companies, good dividend payers. And that gives you some peace at night to sleep.
Chris Hyzy
Chief Investment Officer
Merrill and Bank of America Private Bank
2021, the gateway year, a world in transition. So many shifts are expected economically, financially, from a healthcare perspective and from an investment perspective — and so much promise.
Michelle, Joe and Savita, thank you all for sharing your insights.
And thanks to everyone for watching. We hope we've given you some useful ideas that you can put to work right away. With that, we wish you a safe, happy, and healthy year to come.
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The events of the past year are reshaping our lives in unprecedented ways. Watch experts discuss what it all could mean for the future, and offer steps investors could consider now to prepare for the coming year and beyond.
[Update: Since Dec. 9, when this program was recorded, Congress passed a $900 billion stimulus package, the Democratic Party gained control of both houses of Congress, and Joe Biden and Kamala Harris were confirmed as the next President and Vice President of the United States.]

Topic areas include:

  • Outlook for the U.S. economy and the markets
  • Priorities for the new U.S. administration and Congress
  • What a vaccine could mean for our future
  • What's ahead for trade and foreign policy
  • How innovation and change are currently accelerating investment trends
  • Steps investors could consider now to prepare

Host:

Aron Levine
Aron Levine
President of Preferred and Consumer Banking & Investments at Bank of America

Expert panelists:

Chris Hyzy
Chris Hyzy
Chief Investment Officer,
Merrill and Bank of America Private Bank
Michelle Meyer
Michelle Meyer
Head of U.S. Economics,
BofA Global Research
Joe Quinlan
Joe Quinlan
Head of CIO Market Strategy,
Chief Investment Office,
Merrill and Bank of America Private Bank
Savita Subramanian
Savita Subramanian
Head of U.S. Equity &
Quantitative Strategy & ESG
Research, BofA Global Research
Next steps

Opinions are those of the speakers, as of the date of this event and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., ("Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S" or "Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
BofA Global Research is research produced by BofA Securities, Inc. ("BofAS") and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC popup, and wholly owned subsidiary of Bank of America Corporation.
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