...On the macroeconomic level, Rosenberg said that long-term deflationary trends such as adverse demographics and high debt levels are stronger than ever. Given these trends, he thinks that the current uptick in inflation is little more than a transitory spurt and will soon fade away.
Finally, Rosenberg said that Gluskin Sheff, which has $9 billion in assets under management, recently moved to 25% cash across all their portfolios.Louis Gave
Up next was Louis Gave, CEO of Hong-Kong based Gavekal. Gave has consistently been one of the highest-rated speakers at the SIC, and he didn’t disappoint with some unique insights into what is happening in China.
Gave pointed out that China is currently going through a huge economic paradigm shift, one which has profound investment implications.
For the past few decades, the incentive in China has been to grow as quickly as possible. But going forward, China’s incentives will be based around what President Xi Jinping has called a “Beautiful China.”
This means a more sustainable growth model with less use of materials such as concrete and coal.
...investors should be looking at Chinese financial and consumer stocks, plus countries that will benefit from the One Belt, One Road infrastructure build-out.
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