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The housing market faces demographic headwind, with population slowing dramatically for several reasons; which has resulted in diminished demand for housing.
In this year’s Holiday Eye on the Market, Michael records a note to his spouse on her father, the 2020 US Presidential election, and what might be the widest ideological divide in 100 years.
The S&P 500 could hit 10,000 by the mid-2030s
Market downturn, bear market
The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.
Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors.
Investors were disappointedInvestors were disappointed that trade tensions re-escalated and the Fed viewed their actions as a “mid-cycle adjustment".
Investors are concerned about the deterioration of corporate debt quality, marked by lower credit ratings and a large share of covenant-lite issuance in the loan market.
Mounting losses may result in this being one of the worst Decembers on record, and one of the worst years for equity performance in a decade.