"Anytime that a trade is crowded it worries me, but you can be consensus in the middle of a cycle and that is exactly where you want to be. And I think what we are seeing now is an acceptance of the broad part of the investor community of the case that we have had for a while about the US– that the recovery is not only sustainable but it will pick up some momentum," he said.
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"It will lead to faster top-line revenue growth, and margins which are expanding – this is good for the equity market," he added.
But if the last two years are anything to go by, consensus views can disappoint and this year some major themes are at risk, according to Bank of America Merrill Lynch. It lists U.S. "decoupling", commodity weakness and an ever-dovish Fed as three outcomes to be wary of.
"Our own forecasts show U.S. outperformance, but this seems well reflected in asset prices. However, we also project a growth improvement in the euro zone and emerging market (despite Russia's recession), which could lead to reallocation into cheaper markets that could also stabilize euro dollar (we forecast 1.20 for end-year)," said David Hauner, head of EEMEA cross-asset strategy and economics at the bank.
"In this case European, foremost equities, could surprise on the upside. Our own commodity team expects a moderate recovery on better growth and open ended QE from January to March, with Brent averaging $77 by the end of the year," he added.