Secular stagnation is the wrong narrative

Julian McCormack  |  Platinum Asset Management  |  03 March 2021

After a decade of falling inflation and interest rates, investors must now go back to the drawing board as we look to a very different world in prospect. The aftermath of the GFC saw a series of discrete factors which crippled growth: fiscal austerity; EU intransigence; Chinese tightening and reform…then a global trade war and a global pandemic! The world has changed. Yet investors appear anchored to a narrative about growth and inflation that will prove supremely unhelpful as the global economy reopens amid vaccine distribution, sees the effective cessation of the “US-versus ev...

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