Friday Haymaker
A Chart Sampling
“All governments suffer a recurring problem: Power attracts pathological personalities. It is not that power corrupts but that it is magnetic to the corruptible.” -Dune author, Frank Herbert.
Hello, Readers and Subscribers:
Yesterday, as our Founding Members know, I co-hosted a webinar with my brilliant friend, Grant Williams, in which we touched on timely macroeconomic topics spanning from global liquidity and interest rates, to a “maturity tsunami” and Mid-Cap stock opportunities. Below is a sampling of the charts we referenced during that webinar along with some high-level notes you might find intriguing… or troubling.
If you’re interested in attending our monthly webinars, all of which conclude with some Haymaker Q&A time, consider upgrading to Founding Member status today. (Note: We think yesterday’s webinar is important enough to send out snippets of the recording to all subscribers over the next couple of weeks.)
For now, enjoy the chart sampling.
David “The Haymaker” Hay
David Rosenberg’s chart above captures one point we’ve been persistently articulating over the past year or so: Namely, that while economic conditions are nominally positive by some measures, they are decidedly less than rosy on the consumer level across broad swaths of the populace. Credit card debt, for instance, is forcing millions into acute financial distress, with as much as 10% of said debt falling into the category of seriously delinquent. With rates on revolving balances now averaging 22.75%, this situation is likely to continue worsening. An optimist might argue that it’s only affecting a small percentage of the country, but these sorts of systemic vulnerabilities can lead to cascading problems throughout an economy.