END OF AN EXTRAORDINARY ERA: JAMES GRANT DECLARES THE END OF THE LOWEST INTEREST RATES IN FIVE MILLENNIA AND WARNS OF THE PERILS AHEAD
A different investment world. Financial Thought Leader, James Grant, Editor of Grant’s Interest Rate Observer declares the 35 year bull market over and sees few opportunities to replace it.
WEALTHTRACK Episode #1332; Originally Broadcast on January 27, 2017
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- Guest Info
- Action Point
- One Investment
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- Video Archive
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- Grant’s Interest Rate Observer
Can you feel the investment ground shifting under your feet? Is your portfolio off balance, even out of whack? If so, welcome to the shift from the Davos Man era to Joe Six-Pack, what this week’s exclusive WealthTrack guest calls the “Great Rotation.” According to him there are financial sea changes occurring that go far beyond Dow 20000 and the presidency of Donald Trump.
He is Michael Hartnett, a financial thought leader and chief investment strategist at Bank of America Merrill Lynch Global Research, where he identifies key global market trends and provides strategic insights and solutions for both institutional and individual clients.
His research team was named the “Top Global research Firm of 2016” by Institutional Investor magazine for the sixth straight year. Hartnett and his group are big on themes which put economic, investment, demographic and even cultural and social trends around the world in perspective. And just about everywhere they look, there is a great rotation occurring. The global economy is moving from secular stagnation to cyclical recovery. Deflation is disappearing and inflation is appearing. Central bank stimulus is being replaced by fiscal stimulus. Globalization is being pressured by isolationism, and the winning investments of the last 8 years are being eclipsed. Bonds are falling, commodities are rallying. Growth stocks are now lagging value ones. Large-caps have been overtaken by small-cap and technology has ceded its leadership to banks.
I will ask Hartnett why these shifts seem to be happening simultaneously, how durable they are and what he is telling clients to do with their investments.
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Have a great Super Bowl weekend and make the week ahead a profitable and productive one!
IT’S TIME TO AVOID LEVERAGED INVESTMENTS
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Jim Grant is not only a financial thought leader, with his erudite, insightful and entertaining newsletter, Grant’s Interest Rate Observer, he is also a highly regarded and prolific financial historian who has penned several biographies, John Adams’ and Bernard Baruch’s among them. His latest subject, while less known, was one of the most influential financial and political journalists of the nineteenth century and still holds sway among economists because he authored the doctrine of central bank intervention.