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Global Value and Income Dispatch

Bifurcation and what the averages dont tell you... 

  • Giorgio Caputo
14 Nov 2019
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View PDF   Download PDF  
  • Quality bubbles inflated in equities (only to begin popping in early in Q4); 10-year yields returned almost to their 10-year lows in treasury markets; high yield spreads had a brief panic in August before returning to near their 2019 tights, and when all was said and done Q3 came and went with only modest changes in market averages.
  • The turmoil increasingly is below the surface, and averages told less of the story as we saw sharp bifurcations across asset classes.
  • We don’t know whether a true recession is in the cards (it could be), but we love to get paid for taking risk.
     

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