All About The Big Picture View

There are no indicators that consistently lead share prices or can differentiate cyclical bull markets from short-term oversold rebounds. Investors who are right on the big-picture view will be rewarded, and <i>vice versa</i>. From a big-picture perspective, our bias remains that EM/China growth will not pick up sustainably, and that EM EPS will not recover materially in the next 12 months. Therefore, we recommend fading this rally.