Superior investment results require that you deviate from the norm. In our monthly Absolute Return Letter (ARL) we share our out-of-the-box macro view of the world and corresponding megatrends. Subscribers get the letter straight to their inbox about 1o times a year.
V for Vaccine?
What should you worry most about this year? In one word: COVID! There are many risks attached to the vaccine programme. Take for example the risk of rising inflation which is probably not the first thing you think of after all the economic damage COVID-19 caused in 2020. In this month’s ARL, l will explain why COVID could lead to rising inflation.
The Zombies Are Coming
Zombies are firms that are neither dead or alive. They are in so much debt that virtually all their free cash is used to service their debt, and that is very damaging to GDP growth. This month, we explain why there are more and more zombies all over the world, and why they do immense damage to the global economy.
A Constitutional Crisis in the Making?
We are earlier than usual this month because of the upcoming presidential election. See why a US constitutional crisis could unfold in the days and weeks to come if Trump delivers on his earlier ‘promise’ not to accept the outcome, should he lose on the 3rd November.
Modern Monetary Theory Explored
MMT is a controversial economic discipline which could make or break a deteriorating global economy, so expect it to make lots of headlines. Could money printing really be utilised as a monetary policy tool to create full employment? Before you make up your own mind, here is what you need to know about it.
The Sad Case of TINA
Tina is an old friend of mine, but she is also a sad case of hubris, over-confidence and misguided pride. I first met Tina about 38 years ago but, more recently, I have been reminded of her presence every single day. Sometimes valuations get so much out of whack that I get goose bumps all over, and this is one of those situations.
The Road to Equality
As if the Coronavirus outbreak wasn’t enough of a problem for society to deal with, shortly afterwards, two American police officers ended the lives of two American civilians. Why that will affect financial markets for a long time to come you can read here.
Five Lessons from History (5/5)
Wounds heal but scars last. That’s an old lesson from history and will also be the case as far as COVID-19 is concerned. Evidence from China shows that consumers are in no rush to come back on the streets of big cities, and why this differ elsewhere? The consumer-driven part of the global economy could run at reduced power for considerably longer.
Five Lessons from History (4/5)
Why is it that a fire on the other side of the planet attracts far more attention than a new innovation about to be rolled out, and how can investors take advantage of that? This is a question more relevant than ever, given the impact of the current Covid-19 outbreak.