The Importance of Regime Shifts in Stocks

The world of macro investing is full of narratives: that a rising dollar threatens emerging market stocks and commodity prices; that rising bond yields imperil growth stocks but buoy value stocks; and that inflation is bad for Tesla, good for gold, and great for Bitcoin. There is more than a grain of truth to these mantras, but they miss the complex interplay of macro variables. On today’s episode of Forward Guidance, Jack Farley investigates these sacred cows of macro to see if they are a little shaky on their legs in a “man vs. machine” conversation with Huw Roberts, head of analytics at Quant Insight.