Discover and read the best of Twitter Threads about #sovereignbonds
Most recents (1)
1/11 This downward guidance from $AAPL has got me thinking...
Here we have a market darling illustrating the macro-dynamics of #COVID19. Its both a demand shock and a supply (chain) shock. So equilibrium output will be lower and price (inflation) impact not yet known
Here we have a market darling illustrating the macro-dynamics of #COVID19. Its both a demand shock and a supply (chain) shock. So equilibrium output will be lower and price (inflation) impact not yet known
2/11 #coronavirus arrived in a world starting with negative real yields, ie signalling an excess of productive capacity over aggregate demand, ie low pricing power for too much (printed) capital.
3/11 If the supply chain is disrupted, and demand is dropping, owning upstream productive capacity is a bad idea. Doubly so when the starting price point is benchmarked to negative real return.
