Carmignac's Note

The secular slowdown and the liquidity bubble reinforce our long-term convictions.

None of the roads open to investors in this late-cycle period looks like it will lead very far

China won’t be kick-starting the world economy the way it did in 2016. So that leaves the job up to the Fed

The current balance is threatened by a possible US monetary policy lag behind the global economic slowdown

In this late-cycle period, it is important to maintain our disciplined market analysis so that we can continue to distinguish between noise and signal

For the first time in thirty years, geopolitics could once again take precedence over world trade

Going forward, the main question-mark facing investors is to what extent monetary and fiscal policy will succeed in stemming the economic slowdown

In this slow-growth phase, stock price dispersion could strongly influence portfolio returns, contrary to what happened in 2018

The upside of this slow-growth phase is that stock price dispersion could heavily influence portfolio returns, contrary to 2018