A New Supercycle Is Starting, Says This Macro Strategist. How to Invest

Jurrien Timmer, director of global macro at Fidelity Investments, sees himself as a storyteller, connecting the dots between history and current economic trends to get a sense of where markets are headed. Although stocks are much cheaper today than they were a year ago, he worries that U.S. investors are still too sanguine about the outlook for the economy and corporate profits. In other words, they’ve bought into a just-right, or Goldilocks, scenario that seems unlikely to play out.

Timmer joined Fidelity in 1995 as a technical research analyst, and now is part of the firm’s global allocation team that oversees $586 billion. He expects non-U.S. stocks to outperform this year, and bonds to reward investors as inflation and interest rates return to more normalized levels.