This report is extremely important. Therefore, just in case you were out and missed our email yesterday, we are sending it again.
In this Ask Me Anything session, Julian explores macro trends, inflation risks, and market outlooks, addressing key concerns such as rising wages, tariffs, and Fed policy. He shares insights on caution around U.S. tech, a preference for European industrials, and potential pressures on bond yields. Audience questions moderated by MI2’s Steven Sweeney.
Inauguration aside, the purpose of this note is to address yesterday’s comments from Chris Waller.
In Q4 2023, we advocated buying gold and exited the trade at the end of last year. Yet, despite sitting on the sidelines for the last couple of months, we remain steadfast secular bulls and have been looking for an opportunity to re-enter the trade. Now, the time appears ripe.