Rational Expectations

Micro to macro, high powered money, the tech wreck, Keynesian stimulus and herd immunity

If you thought the cyclicals comeback was complete a week ago and the market would revert to chasing the Covid-19 technology winners, you were underestimating economic and earnings surprise. Integral to our approach to estimating the trajectory of the recovery is what we refer to as ‘micro to macro’ analysis of corporate revenue growth relative to nomin…

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