Jun 14, 2023
In this episode, the ReSolve team is joined by Alfonso
Peccatiello, a macro strategist and the creator of the popular
Twitter account @MacroAlf, to discuss liquidity, the global macro
landscape, and the implications for investors. We delve into
various topics, including
• The impact of demographics and debt on economic growth and the
challenges faced by countries in maintaining living standards
•The significance of the Global Liquidity Index in understanding
rapid changes in equity market behavior
•The orthogonal approach to the traditional All Weather framework,
focusing on credit-oriented growth measures and policymaker stances
on inflation
•The Forever Portfolio allocation and the importance of adjusting
it using macro analysis to apply tilts based on the current macro
cycle
•The labor market dynamics reflecting a bifurcation due to the lag
in the dispersion of the $5 trillion capital injection into the
economy
•The potential impact of US fiscal deficits on nominal growth over
the next decade, influenced by demographics, private sector
leverage, and productivity growth
This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day, hosted by Adam Butler, Mike Philbrick and Rodrigo Gordillo of ReSolve Global* and Richard Laterman of ReSolve Asset Management.
*ReSolve Global refers to ReSolve Asset Management SEZC (Cayman) which is registered with the Commodity Futures Trading Commission as a commodity trading advisor and commodity pool operator. This registration is administered through the National Futures Association (“NFA”). Further, ReSolve Global is a registered person with the Cayman Islands Monetary Authority.