Dear WEALTHTRACK Subscriber,
Do you remember the award winning book, This Time Is Different: Eight Centuries of Financial Folly by economists Carmen Reinhart and Kenneth Rogoff? Its analysis of centuries of financial crises caused a huge stir when it was published in 2009 because it warned about the likely prospect of a decade of subpar growth after a financial crisis like the one the U.S. and the rest of the developed world suffered in 2008. That decade has now passed and it appears that the era of slower than normal growth might be behind us too. At least that is the thesis of one of this week’s guests.
A Look At The Portfolio Of Billionaire Charlie Munger
Charlie Munger is one of the world's greatest investors. Over the past six decades, he's helped his business partner and friend, Warren Buffett, turn a struggling textile business called Berkshire Hathaway into one of America's largest firms. Q3 2020 hedge fund letters, conferences and more If you’re looking for value stocks, and
This week we are presenting part 2 of our exclusive annual outlook with Wall Street’s legendary top-ranked economist Ed Hyman. Our focus is the global economy. In part 1 last week we concentrated on the U.S. economy which is picking up steam and Hyman believes could deliver real GDP of 3% or more after a decade of subpar growth.
He and his research team at Evercore ISI have been tracking data almost daily indicating that synchronized global growth is accelerating. The evidence is everywhere from a pickup in a global leading economic indicator index, to surging small business optimism in the U.S., to a jump in real manufacturing orders in Germany, to accelerating real GDP growth in Japan and soaring bank deposits in China.
Are we entering a new decade of higher global economic expansion? We’ll discuss the question.
For those of you not familiar with Ed Hyman, he is the founder and chairman of Evercore ISI and the record holder for being voted the number one economist on Wall Street for an incredible 37 years in the Institutional Investor’s survey of professional investors because of his must read, brief and easily understood daily reports on trends in global economies and markets.
For the second year in a row Hyman is joined by Matthew McLennan, another WEALTHTRACK regular over the years. McLennan heads up the Global Value team at First Eagle Investment Management where he is also portfolio manager for several funds, including the flagship First Eagle Global Fund, which he took over from legendary value manager Jean Marie Eveillard a decade ago. McLennan is a worthy successor. The global fund has been a top performer among world allocation funds for years and is known for its superior risk-adjusted returns.
An avid reader, McLennan will also share some of his recent favorite book recommendations in our EXTRA feature on our website.
Thank you for watching. Have a great weekend and make the week ahead a profitable and a productive one.