MACRO MATTERS Transcript 9/13/2013 #1012

September 25, 2013

CONSUELO MACK: This week on WealthTrack, the big investment picture top rated international economist Nancy Lazar and number one strategist Francois Trahan on why the U.S. is the place to invest and China is in trouble. A WealthTrack exclusive with both is next on Consuelo Mack WealthTrack.

Hello and welcome to this edition of WealthTrack, I’m Consuelo Mack. If there is one lesson investors have learned from the financial crisis and its aftermath, it is that macro matters. The risk on/risk off market of the financial crisis, where the vast majority of assets moved in lockstep in reaction to a monetary policy move, an economic number or political pronouncement is seared in the collective memory of investors. As you can see from this chart, provided to us by this week’s guests, macro forces have historically had an oversized influence on stock returns. Over the last two decades for instance stock specific influences have accounted for about 28% of stock market returns on average, whereas macro forces have accounted for nearly 70%. Since the financial crisis that influence has risen to nearly 90%.

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