US accounts for 56% of ACWI market cap - an all-time record. S&P alone, accounts for 45% of equity market cap. YS #DriehausAlts
Long US Treasuries remains the most crowded trade according to BofAML's Global Fund Manager Survey. The market leadership has been relatively narrow since 2013, shifting from high yielding debt; long US$; long Quality; long Tech; long Emerging Markets; and now long US Treasuries.
In this episode of the Summer Solutions 2019 for the Keiser Report, Max and Stacy are joined by Alasdair Macleod of Goldmoney.com for his hard money pitch as a solution to many of the global economic and monetary woes causing societal unrest (from Occupy Wall Street to the Yellow Vests) and despair (like the more than 75,000 annual opioid overdoses in the U.S.). They discuss gold as a unit of account and what that would look like. They also examine the newly popular Modern Monetary Theory whereby the government can print money for the people rather than just for bankers, and why this could lead to more problems requiring urgent solutions. They also discuss an end to globalization and how that might restore national economies.
“ECB balance sheet resumes uptrend. Rose by €6.9bn as QE reinvestments > QE redemptions. Now at €4,684.4bn, just shy of a fresh high, and equal to 40.4% of Eurozone GDP vs Fed’s 18.1% and Bank of Japan’s 102.2%. (See chart below).
ECB Balance Sheet Expanding Again
MORGAN STANLEY: “.. despite the marginal break above 3000 this past week, we expect another failure near the sloping red line in Exhibit 1 that connects the two prior highs last year. ..” (Wilson) (1/3)