Over the last decade of abundant energy, low inflation, and easy money, anything that could provide growth was priced to perfection hallucination. But then again, what did we expect handing out free money to a generation getting their financial advice from TickTok. My bet is the decade ahead will be the polar opposite, with scarce
As discussed in recent posts, I don’t believe the mega trend has been a US or tech focused trend for the last 10 years. It has been a “private equitization” of the stock market trade – or share buy back trade. And the two best markets have been the markets that have embraced that trend
Continue reading here (subscription required).
Deutsche Bank strategists Jim Reid and Steve Caprio just wrote the bank’s annual default study, now in its 25th year. Last year’s, correctly, called for the end of the ultra-low default era, though the current numbers are certainly not terrible. The U.S. high-yield bond default rate through April rose to 2.1% from 1.1%, and U.S.
US corporate bankruptcies crept higher in May over the prior month as higher interest rates and a slowing economy are pushing many companies over the edge. S&P Global Market Intelligence recorded 54 corporate bankruptcy filings during May, a slight rise from 52 April. In the first five months of the year, 2023 has recorded more