Financial Markets
Global Portfolio Strategy
Fourth Quarter 2020
​A Collision of
Sentiment & Value
All asset are overvalue. For value follow the cash flows. Managing risk is paramount.
​
Growth vs. Politics
Equity risk is rising as politics is trumping a slowing global economy.
Elevating risk.
Politics and time
are conspiring to force the Fed to lower interest rates.
Tight and Loose.
The US economy is buoyed by the consumer while manufacturing bares the burden of the trade wars.