“The current year has already distinguished increase in volatility in global financial markets. It happened because of the increasing concerns over slowing global growth. The main troublemaker, is still Donald trump, who continues to promote trade conflict with China by entering duties on goods, and outright bans work with Chinese companies, we are talking about Huawei. The amount of the American and Chinese economies is about 40% of global, so the slowdown in GDP growth of leaders will inevitably be reflected in world GDP. Moreover, it is possible worsening of the situation. The US President has previously said that he intends to reconsider the trade agreement with the EU. In fact, the variant of opening of a second front that can lead to a bigger slowdown in the global economy. Based on conservative scenario, up to the end of 2019 the best investment ideas are investments in less risky assets with a high degree of diversification. A large part of the capital, about 80%, it is necessary to distribute between financial instruments whose underlying asset is the bond. One such tool is the ETF on corporate Eurobonds of Russian issuers. Its main beauty is that it consists of Russian Eurobonds in many companies, but with a high yield of 5% -6% compared to the same ETF, and it is denominated in U.S. dollars. Also in the portfolio it is necessary to add Russian state bonds (OFZ) denominated in roubles with an average yield of 6% -7%. And finally, for a greater diversification of gold, but in the form of ETFs. In the domestic market this tool is called — FXGD. This approach will partially reduce currency risk and country. In turn, despite the fact that we believe the pessimistic scenario is the basis for the growth of stock markets in the US still remain. The fed in the face of slowing us economic growth and amid falling inflation will reduce the interest rate on Federal funds. This process already began in mid-2019. American corporations these processes will be beneficial. First, to reduce the cost of funding, and secondly, the dollar react lower, which will give an advantage on foreign markets to American corporations. For this reason, the remaining 20% of the portfolio is to take a set of shares, which may be formed of a drawdown, but high-quality papers from the it sector in the US, the defense sector. Moreover, these securities are advised to choose those that have significant reserves of cash and negligible debt load, for example, Apple. In the so-called crisis, Cash is King, the holders of large cash reserves in the accounts, and unlimited lines of credit have a huge advantage over the others. Finally, another important tip. If the investment period will allow, it is better to choose by RIS for attachments. This will give an additional 13% to yield due to the tax deduction. With an account of IIS it is necessary to hasten, it is possible that it could be abolished at the end of this year. At least talk in the government about it have already been.”

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