The postmodern age of investment

Financial Times/Robin Wigglesworth/5-9-2022

“And the truth is that there are signs everywhere that a pretty profound market regime change is upon us, and that people are only starting to grapple with the implications. The Nasdaq has now given up all of its 2021 gains, and many — like [Third Point’s Dan] Loeb — believe that this is just the beginning of an epic shakeout, rather than the end.”

USAGOLD note: Fascinating look at the degenerating “modern cycle” stock regime. He credits Goldman Sachs’ Peter Oppenheimer with coining the phrase “the post-modern cycle” – an era he says will be characterized by higher inflation, bond yields, labor costs, and commodity prices; regionalization over globalization, and more activist governments. “They don’t ring a bell,” Oppenheimer says, “when the rules of the game are changing.” A must-read at the link……