Share tips: In a crisis, buy innovation

The hangover from the decade-long credit binge will be with us for some time, says professional investor David Pinniger. Here, he tips three innovative stocks to buck up your portfolio.

Each week, a professional investor tells MoneyWeek where he'd put his money now. This week: David Pinniger, fund manager, International Biotechnology Trust (LSE: IBT).

Investors have sore heads. For a decade, easy credit and rising asset prices meant the path to riches was pretty straightforward. It was a great party while it lasted. But three years on from the global financial crisis, the effects of the hair of the dog' quantitative easing, which reinflated asset prices, appear to be wearing off. The hangover from the decade-long party is back with a vengeance. Clearing up the mess is likely to involve an extended period of deleveraging (repaying debt), higher taxation and lower investment. That combination looks set to suppress real economic growth in developed countries for some time.

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