Legg Mason: a high yield is still achievable without banks


A third of global stock yields are reaching figures of over 5pc, with half of these outside of the banking sector, according to Legg Mason's Paul Ehrlichman.

Ehrlichman is chairman and chief investment officer of Legg Mason affiliate Global Currents Investment Management and runs Legg Mason's Global Equity Income fund. He believes it is now possible to have a high yield portfolio that isn't made up of banks. With earnings expectations down, he explained that dividend yields are above 10-year government bonds in the US, Japan and Europe, while half of stocks are 40pc down on their all time highs. "The winners in this market will be those companies that have stable earnings and whose growth is not solely driven by price increases and high opera...

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