Bank of America says its defensive stock picks reflect its 'cowardice, and need to survive beyond the trough.'
Bank of America believes the U.S. will tip into a recession, and that could have spillover effects on other regions — including Asia. "In the past seven U.S. recessions since 1973, Asian equities fell by an average of 50%, and [earnings per share] contracted by 30%. Both shallow and deep recessions were awful for Asia," Bank of America's strategists, led by Ajay Singh Kapur, said in a note dated Jul. 18. The bank is expecting a "shallow" U.S.
Stock picks to reflect 'cowardice' So how should investors position in such an environment? "We reproduce our 26 stock defensive, high quality basket of names – BofA Buy-rated large stocks with low price and earnings volatility, high profitability and high dividend yields – that reflects our cowardice, and need to survive beyond the trough," Kapur said.
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