MM 4 February 2021

 Quotes

"Demographics is destiny" Auguste Compte

Generational war

(Covid crisis = sacrificing the Millenials to save the Boomers?)

Demographics is supply of labour and demand for goods, but also socionomics

Quick reminder of the 4 factors of production

Producing 4 types of revenues = rent, wage, interest rates & dividends

Markets & Macro news

Where do all the savings go?

Speculative fever via call options

Retail investors activity = tops

Clearly the market and financial asset prices are the most expensive ever

Promising lower returns forward

With TIPS yielding very negative rates

What happens when the money is eaten away by inflation?

As the economy recovers

Yet job cuts continue

The main bull case for stocks: better than bonds

Can the fairy tale continue?

Some say the trend is your friend

BoA says Sell the rally

It normally works in the year of the Olympics

Commodities are a good alternative

The story of Commodities is one of lower supply (more predictable than demand)

But demand can help too

And in Bitcoin too

Or art

Volatility can be a good

Investors are rewarded to buy the right kind of risk

Vol spikes and declines

 

Themes, Sectors & Corporate news

When micro trends become the latticework underpinning big changes

Pets for Millenials

Senior housing for boomers

    

Spin off

Disposal of old economy stuff before it is too late

Electric car to define this decade? 

Korea= cars, music, chips and cosmetics

No more love in the air (AA last press release)