domingo, enero 01, 2017

Cambios de aires

A year ago I noted the impressive victory of Argentina's Macri, who, like Trump today, was set to move policies in a more pro-growth direction. Since then we've seen pro-growth surprises in Brazil and the UK (Brexit), and there's likely more to come (e.g., Italy and France). The political winds are in fact shifting in a more pro-growth direction in many countries (a new and better government in Venezuela is almost a certainty), and that is a nice tailwind for most risk assets. Emerging markets still look good, despite the strong dollar, because, again, it's about the return of optimism and growth.

Copiado de Calafia Beach Pundit.

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