What a weekend in Trump-land, set against a macroeconomic environment that, as far as I can tell, looks more like 2021 than 2017. If we cut through all the noise, it seems we’re still early in the business cycle—and things are accelerating once again.
We have a last look at CFTC data to dissect how investors are positioned across asset classes going into 2024. Everyone and their mother is long bonds. Is it a worrying signal? Enjoy!
As the tides have turned on global liquidity (at least for now), we decided to look at equity risk premia in a historical context. Do you get adequate compensation for equity risk? Probably not.