When the emperor has no clothes, scratch around for value
In an uncertain world, one of the risks you can control is the price you pay for assets
02 September 2019 - 05:04
We find ourselves in an environment in which there is more to be worried about than usual, including an escalation of the China-US trade war, fallout from a no-deal Brexit and erratic or aggressive US Federal Reserve policy decisions.
Then for good measure we can add a dose of yield curve inversion in the US, a phenomenon that has been followed by a recession every time in the past 60 years, with just one exception in the late 1960s...
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