Jason Trennert, co-founder and CEO of Strategas Research Partners, joins Julia La Roche for a wide-ranging conversation on the macro picture.
Strategas has been voted the top independent macro research provider by Institutional Investor for six consecutive years. Trennert discusses the major macro themes that will shape the investment climate for the foreseeable future.
0:00 Intro
1:06 Quite cautious on the markets/economy
2:40 Chances are good that you’re going to get a recession
4:33 The magnificent seven
6:06 40% of the Russell 2000 has not had profits in the last 12 months
7:10 Inflation
9:00 Long way away from the Fed easing
10:25 Not buying stocks at reasonable prices right now
12:30 Opportunities, energy sector
15:30 Thoughts on AI
17:50 Themes
18:40 The end of globalization
22:11 Labor market
24:17 Hard or soft landing
26:00 Regional banks
27:48 Energy sector
32:50 Lobbying ETF (policy opportunities)
37:24 TINA
40:30 Fair value of S&P is probably between 3500-4100
42:00 Career in financial markets
#156 Tom McClellan On Why The Recession Is Still Coming And Why The Second Half Of 2024 Could Be Unpleasant For Stocks
#155 Meredith Whitney On The 'Bifurcated' Economy And Consumer, Why It Will 'Pay To Be Patient' For Young Homebuyers, And The Coming 'Silver Tsunami'
#154 Dr. Art Laffer: We Are In The Middle Of A Massive Redistribution Revolution And It's Destroying Growth
#153 Amy Nixon On Inflation Running Hot And Pivoting On The Deflationary Recession Call
#152 Brian Hirschmann: This Is Probably The Most Dangerous Time In US Financial History
#151 Whitney Tilson On The Mistake Of Predicting Doom And Gloom
#150 Alfonso Peccatiello On The Risk of a Global Recession Triggered by China's Deleveraging And The Spillover Effects Not Many Are Paying Attention To
#149 Jeff Snider: We're Still On The Same Path To Recession
#148 'Convexity Maven' Harley Bassman: The Market Is Ahead Of The Fed By A Lot
#147 Andreas Steno On Why The Resurgence In Inflation Could Mean Another Rate Hike From The Fed
#146 Darius Dale: We’re Pivoting To A Reflation Macro Regime — What It Means For Markets
#145 David Woo, Analyst Who Nailed The 2016 And 2020 Elections, Sees Huge Headwind For The Economy Ahead Of The 2024 Vote
#144 David Rosenberg: Recessionary Forces Are Building And The Economy Is Weaker Than The Narrative Suggests
#143: Danielle DiMartino Booth On The Jobs Market, The Economy, And Why The Recession Already Started
#142 Dr. Burton Malkiel On 'A Random Walk Down Wall Street,' The Best Way To Invest, And What You're Getting Wrong About 'Efficient Markets'
#141 Marc Faber On Interest Rates, Inflation, And 'QE Infinity'
#140 DoubleLine Capital's Jeff Sherman On Fed Policy, The Economy, And Why Rate Cuts Likely Won't Happen Until June Or Later
#139 'Dr. Doom' Nouriel Roubini On The 10 Megathreats That Could Destroy Our Economy
#138 Peter Mallouk, CEO of $245B Creative Planning: 'It’s Hard To Be Anything But Optimistic Over The Long Run'
#137 Professor Campbell Harvey, The Inventor Of The Most Famous Recession Indicator — The Inverted Yield Curve — Sees Economic Slowdown In 2024
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