Recessions are milder and less frequent, while recoveries are weaker. The business cycle has not been eliminated, but perhaps it has been tamed.
One of the mysteries of American economics is the emphasis on a “strong dollar.” Today’s overvalued-dollar has kept inflation too low and, for years, hurt U.S. manufacturing.
Mostly stable, mostly moderate
Cyclically lower, structurally unchanged
Where do we expect bond yields to go?
Macroeconomic assumptions: Mostly stable, mostly moderate
Where do we see potential within alternatives?
LTCMA 2019 Theme: Surviving the short term to thrive in the long term. Building investor resilience in a downturn.