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      "text": "Investors expect companies to deliver the best of both worlds by simultaneously investing for longer-term growth and fully delivering on near-term guidance and analyst consensus.",
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      "text": "Source: BCG Investor Perspectives Series, Q1 2024, January 16–18, 2024; n = 153. Note: FCF = free cash flow; EPS = earnings per share. For additional BCG perspectives on resilience, visit https://www.bcg.com/en-ca/capabilities/business-resilience. For BCG’s views on macroeconomic topics, visit https://www.bcg.com/en-ca/bcg-henderson-institute/center-for-macroeconomics. ¹The average across 25 investor pulse checks was calculated using the percentage of investors that were bullish for the current calendar year at the time of each survey.",
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      "text": "The next most common top-three investment considerations remain FCF generation (35%, similar to 36% in October 2023), return on capital (24%, similar to 22% in October 2023), medium-to-long-term margin upside (24%, similar to 21% in October 2023), and absolute valuation levels (22%, similar to 20% in October 2023). Investors expect companies to deliver the best of both worlds by simultaneously investing for longer-term growth and fully delivering on near-term guidance and analyst consensus. As a result, corporate leaders need to determine the right tradeoffs for their companies and clearly share their rationale with investors to manage expectations. Eighty-four percent of investors (similar to the October 2023 result of 88% and the series average of 88%¹) consider it important for companies to invest in key business capabilities, even at the expense of guiding to lower EPS or delivering below consensus. At the same time, 84% of investors (near the all-time series high of 86% in October 2023 and significantly higher than the series average of 69%¹) consider it important that healthy companies fully deliver on their current guidance and analyst consensus forecasts.",
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      "text": "TSR expectations for the S&P 500 remain relatively low, reflecting that many investors believe that the market already has the “bull case” priced in. Investors, on average, expect the S&P 500 to return 6.5% over the next three years. In what may explain investors’ short-term bearishness and modest return expectations, a higher share of investors believe that the market is too optimistic regarding the Federal Reserve’s policy’s impact on the US economy’s soft landing (45% think the market is too optimistic vs. 9% that think the market is too pessimistic), 2024 elections (29% vs. 10%), the wars in Ukraine and the Middle East (35% vs. 5%), and AI developments and regulation (46% vs. 12%). Investors continue to prioritize long-term organic growth as the most important company-specific consideration for investment decisions and recommendations. When asked to rank their top three investment considerations, 52% of investors highlighted long-term organic growth (the same as the 52% result in October 2023).",
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