As a part of the ‘Outstanding Women in Finance’ series, CNBC-TV18’s Sonia Shenoy spoke with Rupal Bhansali, CIO-Global Equities at Ariel Investments.
She is the CIO and Portfolio Manager of Ariel's Multi-Billion Dollar Global Equity portfolios. Ariel's investment has a total AUM of over $18 billion. Rupal has among other accolades, been featured on the list of "100 Most Influential Women in Us Finance"
Bhansali has a bearish view for next year. According to her earnings are going to decline next year and multiples will deflate causing major corrections worldwide.
Bhansali said, “I am quite skeptical of this bull market rally continuing. I think it's actually a classic bear market rally. One should not get seduced by these rallies, which of course, suck a lot of people into the markets again. The fact of the matter is valuations are very rich worldwide. It's not just the earnings multiple, it's a debt multiple, which few people actually care about or think about. But corporate debt worldwide has gone up a lot, including sovereign debt. And deleveraging tends to be very painful, and it causes deflation in the multiples that people are willing to pay.”
She added, “So I am actually quite bearish on global stock markets, but that includes India for 2023. That said, not everything is lost, one can position portfolios, even for a market that's going to go down.”
For the entire discussion, watch the accompanying video
To watch other videos in this series, click on the Smart Money tab below.
First Published: Dec 16, 2022 5:01 PM IST