The markets will probably rebound in 2009, but it's not a sure thing, Mr. Molumphy said. An "extended or protracted" economic recession could delay a market recovery until 2010, he said.
CHRISTOPHER J. MOLUMPHY
Executive vice president and chief investment officer for fixed income
Franklin Templeton Investments
San Mateo, Calif.
Assets under management:
$404.6 billion
General outlook:
The markets will probably rebound in 2009, but it's not a sure thing, Mr. Molumphy said. An "extended or protracted" economic recession could delay a market recovery until 2010, he said.
Still, "we feel that the fixed-income markets are poised for a fairly strong rebound," Mr. Molumphy said.
Municipal bonds are especially attractive: They're cheap, despite the fact they "represent an asset class which is of extremely high quality, and fairly low risk," he said.
Next big trend:
Deleveraging will continue.
Biggest concern:
That the current recession ends up being deeper than anticipated.
Reading, watching, listening to:
Book: "Hot, Flat, and Crowded: Why We Need a Green Revolution and How It Can Renew America" by Thomas L. Friedman (Farrar Straus & Giroux, 2008).
Newspaper: The Wall Street Journal.
TV: PBS.
Website: bloomberg.com
