The pool of available capital is more limited than it was in the booms of the 1990s and 2000s because this time, firms must compete with governments for money.
A shift in popular perceptions of the rich can be a warning of unrest. And it’s increasingly hard in today’s mood to keep technology barons on the “good” list.
Voter are unhappy about the rising cost of living and the fact that growth is driven mainly by the wealthiest and by heavy investment in unpopular data centres.
It started with the Knicks winning the NBA title for the first time in 50 years, with a disarmingly blue-collar roster. Then came the best-attended World Cup ever.
The growing hype around AI doesn’t change the fact that 2021 was peak China. Given its demographic challenges and heavy debts, Beijing can’t do much about it.
New chairman Kevin Warsh’s first big act should be to hike rates. By keeping therm near zero, he is in adding fuel to both consumer and asset price inflation.
Governments and central banks are out of policy ammunition to contain the economic fallout from the continuing conflict in the Middle East.
Tallying up all four suggest AI is a bubble. However, history also shows that there is no exact point at which a bubble bursts under its own weight.
There is a once-in-a-generation opportunity in global markets that could deliver strong returns regardless of how AI mania plays out.
America has so far not been badly hit by the import levy hikes, mainly because no economy rises or falls for just one reason.
The end of American exceptionalism has been building, and is likely to continue unravelling, for a long time.
All the classic signs of extreme prices, valuations and sentiment suggest the end is near. It is time to bet against “American exceptionalism”.
Dominating the minds of global investors, America is over-owned, overvalued and overhyped to a degree never seen before.
The number of billionaires has fallen 35 per cent in China, and corporate leaders may be devaluing their wealth, amid fears the state is targeting the rich.
Oversized governments in Britain and on the Continent have crushed productivity growth, allowing US incomes to grow twice as fast.
Whether a government is weak or strong, left or right, doesn’t seem to matter much for economies, but new leaders are associated with higher growth and returns.
It’s unfair to blame the US president alone for imbalances that have been widening for decades, but nor will selling the good news harder make any difference.
One overlooked reason for US resilience is a tonne of stimulus still coursing through the economy.
The most popular cryptocurrency is starting to look like more than a passing fad.
While the US rise in share prices is all about tech, India’s boom is more broad-based.
