The housing market faces demographic headwind, with population slowing dramatically for several reasons; which has resulted in diminished demand for housing.
Market downturn, bear market
Podcast on the challenges participants are facing today
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.
Need more Guide to the Markets? Access an additional collection of Guide to the Markets slides, updated on a quarterly basis.
For the first time in 20 years, markets will have to survive without support from central banks.
Michael discusses how short covering, rather than real money, has driven the fastest recovery on record following a bear market, and looks ahead at slowing earnings growth.
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.
A brief note on the latest price action in equity markets, how business cycles end, and how markets are being left to fend for themselves without central bank intervention for the first time in 20 years.