Trip Report NY
- Fundamental investing remains challenging as the central bank policies keep inflating asset prices
- Momentum strategies suffered this year due to several trend reversals - mean reversion strategies did relatively well
- As the second largest economy China’s impact on global macro trends is on the rise and watching China closely may help explaining market dislocations in other parts of the world
- Money keeps flowing to the US due to negative interest rates in Europe and Japan and terrorism in the Middle East
- Credit spreads have priced in the wave of defaults seen in the energy sector and discounted a recessionary environment, yet defaults remain below average outside the energy space
- US growth could surprise to the upside next year based on stable consumption due to wage growth, more capex after the energy sector bottomed, and policy actions by the new government
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