Is It Predictable?

I don't want to care about the cycle. Maybe it's not predictable. So that's why I can macro. And so ignorance of the macro is no virtue. It doesn't mean that we're looking at currency rates and the cost of capital in third world countries, indebtedness in China relative to Denmark. But it does mean that we are broadly trying to get a feel a palpable sense for what massive currents are shaping the micro environmentthat people may not realize.