With leverage mounting in many countries, Patrick Blais believes it’s time to be extra cautious and focus on companies with strong cash returns.
“At the end of the day, the big problem is monetary policy that has been too accommodating globally,” says Blais, managing director at Toronto-based Manulife Investment Management and lead manager of the 5-star rated $917.9 million Manulife Fundamental Equity F. “With the impact of promoting growth through the accumulation of debt, and raising asset prices, that is building up risks within the overall global financial system.”
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