I have spent some time this past weekend reading what investment manager Hugh Hendry has had to say about why he has turned bullish. And the clear takeaways are twofold. First, it is very difficult to ‘fight the Fed’ when it wants growth. Second, the reflexive pursuit of growth leads to liquidity driven markets and that’s bullish for shares in the short- and medium-term. Where this leads over the longer-term is another matter.
There has been a lot of hubbub around the recent Hendry monthly newsletter in which he professes to having turned tactically bullish. He starts out provocatively, asking "What if I were to tell you I was turning more bullish? Is that something you might be interested in?” And then Hendry goes on to tell us why he has become bullish. The gist here...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.