As end of the year approaches, investors look ahead to 2010 and where they can invest their money. Robert Weissenstein, Credit Suisse's chief investment officer for private banking—Americas, shared his outlook.
“We’ve seen better economic numbers, but it’s not a recovery—a recovery is defined by going back to where you were, and we’re not going there,” Weissenstein told CNBC.
“What we’re going to have are pockets of growth drivers. We’re going to be looking at the emerging markets area as a much more significant area.”
Weissenstein said Asia is currently seeing the biggest growth, as well as Latin America, where there are pockets of wealth emerging.
“Emerging markets have doubled their representation in the global equity markets in five years,” he said. “I think you’d be hard pressed to find many investors who are allocated anywhere close to that.”
Weissenstein said he expects a continued demand for base metals from both the developed world as well as the emerging markets.
“People also spend very little talking about the agricultural commodities—think about the demographic changes, too,” he said. “People who have money will eat better—that will have structural changes too.”
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No immediate information was available for Weissenstein or his firm.