After Recession… Rotation
公開日
We remain concerned that the risk-reward for equities is limited above our end-of-the-year target of 5,500 for the S&P 500. There is seasonality to consider, as well as positioning and sentiment. As such, we are not necessarily bearish because a recession is certain. But, rather, that the upside to the AI mania is uncertain. Long term? The real bubble may be in America, broadly speaking. As such, more downside to USD could be ahead.
BCA | GeoMacro
A blend of geopolitics and macro, synthesizing the new and old macro to generate alpha and identify the beta through probability-weighted market views.
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