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This Is The “Single Largest Macro Factor” Shaping Markets
On Thursday evening, I asked a very simple question:
Is it realistic to think that headlines like �
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Good insight, valuable reminder to keep focus on mkt. fundamentals
Mark Cudmore is a nice guy, but he missed this one by a mile. The trees here mean nothing, the forest is the key. Hell we all die from idiosyncratic events, but we all die – predicting this is the whitest of white swans. In 1980 we had the supply side revolution and now 37 years later we are loaded up with crap that no one wants. PERIOD – punto final.. Everyone of Mark’s idiosyncratic pieces of tree bark is an example of the same thing too many people producing stuff and not enough people to buy it. This will go on every day for decades until all those mines have been depleted, or the equivalent – or maybe there are more people to demand more of that raw material to bring prices up. It always happens – well not quite as commodity prices are in a slow decline for going-on 200 years. Watch for the next surprised headline – and believe it (sell) – as we are ion the downside of a multi-decade commodity super-cycle. Where are the macro thinkers to understand and make these trades?