🔎Turning tides

Don't underestimate the ongoing restructuring of the international trade system. It reverses one of the most powerful forces for asset flows and asset returns in the last 15 years.

As a regular FA reader, the below probably doesn’t include much new for you. I believe it’s worth to reiterate these points anyway because they are very important to understand the current macro environment.

TLDR Summary

• The US is in the strongest position imaginable in international trade. For the last 15 years, the rest of the world has been effectively…