Bernd Stahli & team, BofA Merrill Lynch Global Research
Bernd Stahli “has stuck to his guns through the ups and downs of the past few years, taking a consistently bearish macro perspective,” explains one buy-side supporter. Stahli and his BofA Merrill Lynch Global Research team of two have also stuck to the No. 2 spot for three years straight. The London-based analysts cover 39 companies, two more than a year ago at this time, and have no plans to increase coverage. “As the banks deleverage, the property sector will follow, as it has historically largely been financed by banks,” Stahli says. “The impact will be negative on company net asset values and earnings per share as an era of cheap, plentiful financing unwinds.”