Savita Subramanian, head of equity strategy, described the U.S. economy as "rip-roaring." But for investors, she predicted that 2022 would be a tougher year than 2020 and 2021 and the entire past decade.

"Stocks will be a better place" to be than other asset classes, Subramanian said. Small-cap stocks in particular could stand out in her view. Higher inflation bodes well for both value stocks and small-cap shares.

But she also expected that earnings growth would surpass multiple expansion as the primary driver of equities in 2022. That would be a reversal from the past two years.

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