Electrification Is Our Macro Theme Of The Decade
Everybody wants to reindustrialize but there cannot be any industrialization without increase in electricity production. We also must take into consideration that this does not include demand from AI or data centers.
What’s Not To Like About Japan?
Low debt, rising productivity, rising investments share of GDP and rising profit margins. Japan continues to be our favorite developed world equity market.
Get Ready For A Manufacturing Boom In India
India leapfrogged manufacturing and directly went into services. The result was a jobless growth confined to metros. Now India is looking to go back to building its manufacturing base which is possible due to heavy investment in basic infrastructure. I believe this will not only lead to job creation but also the major equity index components will change in coming years.
US Household Spending Continues To Strengthen
APOLLO: “Data for Bank of America customers shows that income growth in February and March has started to accelerate across the income distribution.”
This Is Not Normal
Gold: “Remember the US government debt cliff people have been warning about for 40 years? It was back there. You went over it in 2022. Ironically, the final straw were those aggressive Fed rate hikes.“
(Luke Gromen)
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