JPMorgan's James Cook: 'Earnings and valuations don’t look attractive'

Global profit margins could come down in the coming months and impact share prices, according to James Cook, manager of JPMorgan Global Growth & Income (JGGI). But the manager, who spoke to Investors’ Chronicle at the beginning of last week, as tech stocks started to slide, said his strategy of backing big US tech can continue to pay off regardless.

Cook says that earnings are his biggest concern. After profit margins peaked around early 2022 as a result of fiscal stimulus in reaction to the pandemic, he argues there is a risk they will keep coming down because of tighter monetary policy.