The Fed halted tightening and propelled equities to their fastest recovery ever following a bear market.
Michael discusses this year’s Eye on the Market Energy paper. Topics include the unattainable objectives of the Green New Deal, an overview of the world’s de-carbonization challenges, Germany’s energy transition and Trump’s War on Science.
EM should continue to provide a substantial economic growth alpha relative to developed markets due to better demographics and a productivity catch-up.
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.
For the first time in 20 years, markets will have to survive without support from central banks.
A brief comment on a proposal from leading Presidential candidates to ban hydraulic fracturing everywhere, immediately.
An update from the front lines of the Trade War, with a focus on implications for investors.
Michael discusses his forecast for 2020, which entails a modest recovery in global growth and profits after trade-war weakness in 2019.
EM currencies have struggled when the PMI has been falling, and thus its equity returns have underperformed versus the U.S. and other developed markets.
In today’s special issue Eye on the Market, Michael takes a close look at the question of rising committed and unspent capital in private equity, and implications for investors.