Despite the fact that the bull market has been running for an impressive five years, Sheila Patel, the CEO of Goldman Sachs (GS) Asset Management Int’l, told CNBC that the current market may have a while to run yet. According to Patel — who is worth noting, is right statistically in terms of the current market not being yet due for a bear market for at least another eight quarters — the search for yield will continue and EMs could be a good investment as the U.S. could be the “gorilla” of global growth.
“I do think that there are places you can find value,” she told CNBC Wednesday.
“If you start to believe in the U.S. recovery there is certainly a school of thought that that’s the gorilla still in global growth. And if that is coming then emerging markets is a real place to take a second look.
The fact that the Fed has begun to pull the plug on QE, which had been fueling a marked recovery in equity markets, is a sign that the US recovery is genuine, making Patel’s argument even more believable.