(B) I watched Blackstone Q4 quarterly webcast, titled “no clarity until 2022”, on the financial markets. That webcast was prepared by Blackstone’s Byron Wien and Joe Zidle. I enjoy listening regularly to Byron Wien’s expertise to understand the trends in capital markets.
You can look at the webcast and the slides here. As always, this webcast provides a wealth of insights about the economy.
- China is leading the recovery as the first country to have recovered to pre-COVID levels of economic activity
- Recovery is uneven in less-developed economies
- Payrolls in low-wage industries remain well below pre-COVID levels
- Layoffs were concentrated in jobs without ability to telework, and a higher proportion of them are becoming permanent
- Permanently large deficits
- Central banks operating as if there were no ceiling to the size of their balance sheets
- No yield to be found in traditional fixed income
- Market sentiment at optimistic extreme in recent months
- S&P 500 has exceeded pre-COVID levels, driven by significant outperformance of the FANG+ stocks
- Five largest S&P 500 stocks comprise nearly a quarter of the total index market capitalization — a record high!
Note: The picture above is my dog looking at the Bay Area from the San Mateo Community College.
Copyright © 2005-2020 by Serge-Paul Carrasco. All rights reserved.
Contact Us: asvinsider at gmail dot com.