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2021 was a mindboggling year for equities

2021 was a mindboggling year for equities

By Peter Garnry, Head of Equity Strategy at Saxo Bank

Summary:  Equities have had a fantastic year delivering 21% return following already extraordinary gains in 2020. It seems almost impossible given the galloping inflation not seen since the early 1980s, but low nominal yields have created an environment of equities being the only game in town. The gains in equities have completely been due to technicalities such as low nominal yields, but have also been driven by a bonanza in earnings with earnings up 28% compared to 2019 showing the massive impact from public stimulus into the private sector. While looking back we are also looking ahead at what to expect in 2022 and how investors should tilt their equity portfolios towards themes that can thrive during inflation.

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