We have been meeting with Institutional, Family Office, and Household investors around the world over the past few weeks, and can only conclude that nearly everyone is nervous and in a defensive position. The volatility around Brexit, the Trade War, a possible Impeachment, and global economic deceleration has everyone on edge. As highlighted in our October Macro Slide Deck, our core thesis, driven by credit, continues to suggest the weak global economy appears to be stabilizing and is likely discounted with the drop in global rates and global central bank accommodation. With a temporary reprieve from the trade war-related volatility, investors can turn their attention to the Q3/19 EPS releases and assess the tactical backdrop as we head into year-end.

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