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Epochal Shifts, Generational Bears
"We expect new highs in yields and new lows in stocks."
That was the message from BofA's Michael Ha
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I’d like to see a more balanced view from Mr Hartnett, what about the ongoing deflationary forces that technology will continue to exert? And I am not a Cathie Wood fan!
@Dean, what I think is interesting is that we may be in a sea change of technology exerting deflation.
Uber kneecaped the taxi industry, now it is free to raise its rates without competition. The same will happen for food delivery.
Sure, Amazon may spend less on human labor as it converts its warehouse fulfillment to bots, but the price of software and the hardware for these bots will likely keep increasing with deglobalization.
I do not doubt Harnett. “…the secular view remains cash, commodities and volatility will outperform bonds and stocks.”
No matter the macro environment and the mood of the market, quarterly earnings and/or a series of quarterly earnings reports will always tell an important “here and now” story about any company’s profitability (or not) and the state of its affairs. There are always companies that will shine in the evolving regime. You may not know them. But they will shine.