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Smart investing in a post-QE world

Paul Sheard: "With all four major central banks doing some form of QE, the focus now is on where the respective central banks are in their QE and policy rate cycles."

William Thomson: "The Fed could begin to attempt to withdraw the methadone in coming months and increase interest rates - which could dramatically increase volatility."

Jesper Koll: "The BOJ will step up JGB purchases, while at the same time the national pension fund will be selling JGB to buy equities. This is a very pragmatic and well coordinated policy."

Kenneth Courtis: "Chinese equities continue to be cheap. I advise investors to accumulate on any weakness, particularly of Chinese firms in the private sector."

Ernest Kepper: "A banking crisis worse than the last one is coming because the banking system is bigger and without the resources to save it this time - because the Fed has no more bullets."


  • Paul Sheard, chief global economist, Standard & Poor's, New York;
  • William Thomson, chairman of Private Capital, Hong Kong; director of Finavestment, London;
  • Jesper Koll, managing director and
  • ...