For 2019, the key factors that we need to think about are what is going to be the outlook on three levels: monetary, macro, and earnings. Watch my entire interview at Real Vision here. Continue reading Last Year Was Not An Anomaly. Outlook For 2019: Trapped by Liquidity
Years of low rates reduced capital expenditure and fueled a dangerous bubble. Now, real investment is back. Gross fixed capital formation is up 8 percent this year after years of stagnation, and capital repatriation exceeds $300 billion. Continue reading Should The Fed Change Policy?
Global growth estimates for 2019 have been slashed by 10% in 2018. What do we expect for 2019?
China presents many similarities in its economic model with the central-planned economies of the 70s. Continue reading China Stimulus Is Not A Catalyst