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For Kevin Thozet, member of the investment committee of Carmignac Gestion, we must remain positioned on tech, health and consumer stocks.
Interview by Laurence Allard
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Ie Dot: How do you explain that despite the gathering clouds (recession, persistence of inflation, tightening of credit conditions, etc.) the stock markets continue to break records?
Kevin Thozet: We have to remember where we come from. At the end of summer 2022, fears of a deep recession and gas rationing are on everyone’s mind. Inflation is at its highest. Investors are confronted with the simultaneous fall of equities and bonds… But the worst does not happen. The markets are discovering that the situation is less catastrophic than had been anticipated: inflation is decelerating and economic growth is holding up. And this resilience is also fueled by the good performance of consumption supported by a cushion of excess savings in the States…