Optimistic About Equities, Despite Risks, CCLA’s Bevan Says

The transcript discusses the valuation of the S&P 500 and tech companies, comparing current figures to those in 1999. It highlights the relatively high valuations but notes they are not as extreme as in the past. The discussion also covers the low bond yields and their recent rise, indicating market concerns about valuations and central bank actions. Despite these concerns, there is optimism about equities, though risks from central banks and COVID-19 are acknowledged.

How does the current valuation of the S&P 500 compare to its peak in 1999?

• It is lower than the 1999 peak.

• It is the same as the 1999 peak.

• It is not comparable to the 1999 peak.

• It is higher than the 1999 peak.

What is the current multiple of tech companies' earnings compared to 1999?

• Higher than 1999

• Lower than 1999

• Same as 1999

• Not mentioned

What has been the trend in bond yields from the beginning of the year?

• They have fluctuated wildly.

• They have increased slightly.

• They have remained stable.

• They have decreased significantly.

What concerns are the bond markets currently facing?

• Inflation rates

• Valuation and central bank behavior

• Stock market crashes

• Currency fluctuations

What risks are acknowledged in the context of equity optimism?

• Central banks and COVID-19

• Trade wars and tariffs

• Technological disruptions

• Inflation and unemployment