Strategy Note /

The Bend But Don't Break Markets

  • In American football a good defense bends but doesnt break - today's risk asset markets strike me as the same.

  • Risk #1, a Fed policy mistake, seems unlikely post Fed meet but now we have Omicron - focus on speed of science.

  • Sentiment, positioning, seasonality, strong nominal growth & negative real yields imply strong earnings & rising equity

Jay Pelosky
Jay Pelosky

TPW Founder & Global Strategist

TPW Advisory
17 December 2021
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