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"So banks in the US appear on the cusp of turning into dividend-paying machines. There are clear and prudent reasons why one might not like to invest in them due to macroeconomic considerations.
"But from a ‘bottom-up’ point of view we expect to be spending more time looking at US banks from this point.”
Jonathan Davis, who runs Jonathan Davis Wealth Management in Hertford, said: “I see little value in high yield at these levels.
"In any case, to invest in these presumes corporates are sound. In that case, I’d prefer to be an owner of the equity. UK shares are strong, from early last year.
"I remain bullish UK and international shares, until the market tells me not to be.”
david.thorpe@ft.com
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