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Jun 30Liked by Fabian Wintersberger

Well put Fabian. The most widely anticipated recession ever continues to be just over the horizon. and the data refuses to cooperate as per yesterday's GDP number. My take is that we are going to continue to go through a period of soft, but not necessarily negative, economic growth with employment remaining fairly strong as there is a dearth of available workers in many of the G10 economies, but inflation will remain higher than targeted and so will rates. Is that fertile ground for equities? maybe yes. for fixed income? probably not. for commodities? my personal favorite, especially given the decade of underinvestment due to the rise of ESG. good weekend

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