Warum wir so lange nichts mehr von ihm gehört haben? Darum: "I have not written to you at any great length since the winter of 2010. This is largely because not much has happened to change our views."
- We are, as a result, long the debt-saddled west
- And short the vastly over vaunted and over owned BRICs.
- We are more bullish on US growth than most. The momentous nature of recent advances in shale oil and gas extraction and America's acceptance of the unpleasantness of debt and labour price restructuring looks to us as if it is creating yet another historic turning point.
- We are also more pessimistic on Chinese growth than ever.
- This makes us bearish on most Asian stocks
- And bearish on industrial commodity prices
- And deeply concerned that Japan could become the focal point of the next global leg down.
- On the plus side we also believe that we are much closer than before to the beginning of a bull market of perhaps 1982, if not 1932, proportions. We just need the last shoe to drop ...
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Und wer will, kann sich seinen Letter in voller Länge hier ansehen ...