Credit Writedowns Daily Newsletter 2018-10-03

There are a lot of different things on my radar screen right now. And below is the list of news items I want to touch on in that context.

As I've been saying recently, I'm fairly bullish on the US economy and US market despite shares being overvalued. Economic growth in the US continues to outperform the developed world. And that's been positive for the stock market, which reached another record high today.

I am less positive about the rest of the world than the US. But I don't see any cause for alarm, including in Italy. We are a fairly long way off from recession. And the credit cycle has yet to turn. I've been saying it would turn in 2019. When, after that, a recession happens is anyone's guess.
1 - Almost Junk
Because high yield companies have more precarious balance sheets, they can...


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