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Open original source ↗We’ve told you the answer to this ❓ for 5 years…
How many more years of populism + protectionism 📉 do you need to see to understand what direction the pendulum is swinging?! 🥐 https://t.co/DK69LiYrAt
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One very large question hanging over the markets is whether we are entering a new structural era in which the world deglobalizes and de-dollarizes, and in which the pendulum between labor and capital swings towards labor. I don’t have a good way to depict this pendulum, but the chart below makes an attempt. If a regime shift is afoot, then equity valuations are still too high. But this is a question without an answer for now.
TimmerFidelity ↗