EFTA Document EFTA01458982

8 December 2015 World Outlook 2016: Managing with less liquidity The energy and materials sectors trade historically cheap to trailing fundamentals, although their prospects are tied heavily to the willingness of management teams to pare back bloated capital spending budgets that now run at double the rate of EBITDA. We recommend avoiding sectors exposed to the energy sector's coming capital expenditure declines, such as capital goods. Trends in non-financial issuer quality outside the en