Today looks to start out on a positive note with the U.S. and China agreeing in principle to roll back tariffs.  Yesterday saw late day weakness on a potential worsening of trade issues.  Folks, please try to avoid the day-to-day volatility coming from this stuff.  What is important is the fundamental backdrop remains positive with our core thesis highlighted in our November Slide Deck coupled with the four reasons to buy any overbought pullback (2-5%) in coming days/weeks:


  1. The folks printing the money globally continue to tell us they will maintain a highly accommodative stance.
  2. The corporate credit market remains open and Bank Lending Standards remain easier in the most recent data.
  3. Demographic tailwind with the Millennials born in the peak year (1990) turning 30 amid solid employment, good confidence, and low rates.
  4. There is an inflection in global manufacturing off historically weak levels.


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