Independent Strategy

The inflation fallacy

Report Date:  4th November, 2016

Inflation is coming back. Will it boost corporate profits and investment, relieving the consumer of the burden of driving global growth? No. It’s a fallacy that rising inflation can deliver higher profits and thus boost capex and growth. Higher inflation and bond yields may lead to a switch to equities for a while. But not for long. Equity multiples will fall. We are staying bearish.

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In the Media

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