4min chapter

Forward Guidance cover image

Lessons From The Asian Financial Crisis | Russell Napier

Forward Guidance

CHAPTER

The Earning Cycle and Liquidity Cycle Are Nearing Their End

The earning cycle is still strong still mid-cycle but the liquidity cycle is nearing its end. When the two are in competition what you should get is rotation and there'll still be a bull market somewhere within the market. The impact of the higher interest rate will not be as negative as rapid for economically sensitive cyclical value-oriented stocks so that rotation will continue to go on.

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