Feb 17, 2023
It has been a long string of surprises over the last year. The Fed was surprised inflation wasn’t transitory. Investors were surprised to see the fastest rate hikes since the 1980s. Economists are now surprised we aren’t in a recession.
Yet, in our view, the biggest surprise continues to be the resilience of...
Feb 6, 2023
As it was in 2022, financial markets had their own Kafkaesque backdrop. Investors did not need to stretch their imaginations: reality did it for them. Supposedly rare events appeared more frequently than ever.
All of this has forged an easy fraternity for those predicting more macro doom. Global pessimism is now...