BCG has been surveying portfolio managers and senior analysts to bring the voice of the investor to business leaders and boards of directors. Key findings from Pulse Check #21, conducted October 7–11, 2022, include:
  • Only 13% of investors are bullish on the economy—a new series low.
  • The number one macro concern for 87% of investors is inflation and the Federal Reserve’s policy.
  • Eighty-five percent believe a recession will start before or during the first half of 2023, including 40% that think the US is already in one.
  • More than ever across the past 20 surveys, investors want leaders to deliver on guidance, and a significant percentage continue to support leaders exiting or divesting lines of business to strengthen their company.
The series began in March 2020 as the COVID-19 Investor Pulse Check. Click here to view the most recent slideshow and explore earlier editions.

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As we navigate an uncertain world, how do investors view the US economy and stock market? And what do they expect from business leaders?

The BCG Investor Perspectives Series is intended to bring the voice of the investor to business leaders and board members. While we feature the most recent research here, you can explore earlier editions below.

Our most recent survey, conducted October 10–13, 2023, finds that few investors (38%) are bullish for 2024, down from 51% in June 2023. While more investors (65%) are bullish for the next three years, they are expecting the S&P 500 to return only 6% over that time frame, a new low across the 24 investor pulse checks to date. Interest rates remain investors’ number one concern, and their perceived geopolitical risk, public sector debt and spending risk, and private sector credit and default risk are also up substantially. As a result, a significant percentage of investors—73%—have actively reduced their exposure to companies with higher leverage. At the same time, they remain surprisingly open to well-grounded, clearly articulated growth and M&A agendas, with 73% of investors willing to support highly attractive acquisitions that temporarily increase leverage. More broadly, investors want companies to deliver the best of both worlds in terms of meeting short-term earnings guidance or consensus and investing in long-term growth opportunities.

The respondents represent investment firms with more than $5 trillion in combined assets under management. They cover a broad spectrum of investing types and styles, and about 91% are portfolio managers and senior analysts directly responsible for making buy, sell, and hold decisions. The series began in March 2020 as the COVID-19 Investor Pulse Check. This is the 24th edition in the series.

BCG Investor Perspective Series | Past Editions

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