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A Bear Gets Lost In The Woods
Mike Wilson said Tuesday that corporate America's haves and have-nots divide is getting worse. He said some other things too, although I'm not entirely sure what.
The notion that the corporate ranks are experiencing the same acute stratification as society in general isn't new. It's a mainstay of post-pandemic strategy pieces and indeed, the narrative was prevalent long before "Wuhan" was a household name in the West. Wilson himself wrote about it a few years back in a noted called "The Other 1
Totally agree. I’m a client of MS and receive these notes every week, but lately I have no idea what he wants to tell us. Thanks for making me feel a little better about not being able to make sense of them.
Yeah, I just don’t understand the rationale for injecting a generic, loanable funds-based crowding out argument into a serious equity strategy weekly. Maybe you can make that work for a special report, but you really need to put something behind it. Just casually dropping it in there like, “Oh, by the way, market concentration and secular growth outperformance are actually a function of neoclassical interest rate theory” seems a little… I don’t know… it seems like something you’d expect to read in a passive aggressive Micheal Hartnett bullet point, accompanied by a chart that doesn’t make any sense.