Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today
Already have an account? log in
With Fund Managers Most Bearish On Global Economy Since Lehman – Some Quick Thoughts
Earlier Tuesday, we brought you some highlights from the latest edition of BofAML's global fund manager survey, which this month shows that the "most crowded" trade on the planet is no longer "Long FAANG+BAT".
Following the epic unwind in consensus Tech/Growth/Momentum longs in October and the dubious November followup that saw Apple plunge the most in a decade, the long FANG trade was knocked from its perch by "Long USD" which is still very crowded, despite the prospect of a Fed pivot and expe
Trump entered office determined to disrupt the consensus view that open borders/flows were good and walls/trade barriers were bad. He succeeded.
Say what??
Global trade, open borders, the world is a better place when we focus on our comparative advantages and let others do the same and we all work together to get along and grow the pie. You know, Adam Smith and David Ricardo? Trump is doing his damndest to chuck that out the window. Stock valuations, globally, will follow.
Trump is doing what Stephen Miller (and others) says polls well with voters – that / he GOP needs to win in swing states.
He lost the popular vote by 3 million in 2016 and will lose it by more in 2020. Anyone who thinks Trump is a “popular” president needs to look up the definition of that word.