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Editor’s Picks: Insights from PIMCO, BlackRock, KKR, and more

by Graig Norden
on March 22, 2018

Editor’s Picks: Insights from PIMCO, BlackRock, KKR, and more

In the words of Colin Jost, SNL’s Weekend Update co-anchor, “it’s been a busy year in the last month.” Steel and aluminum tariffs, Gary Cohn’s resignation, volatility rearing its ugly head, the United States' relationship with China, Goldman's new head honcho, and, of course, a few Twitter meltdowns.

The following are a few items that were recently published to Harvest which will narrow your focus as to what remains after the bluster.

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KKR: Diverging Paths

If you have a little time on your hands, you should read this whitepaper from KKR’s Global Macro & Asset Allocation team. It is exceptionally thorough, yet quite lucid. If you are juggling a few things, however, I’d draw your attention to page six, which identifies four seismic shifts in the global economy that KKR says will require a different investment playbook than what worked during 2011-2016. Read more...

PIMCO: Trump, Tariffs and Trade: Three Takeaways for Investors

Much has been written about the distortions to supply and demand that result from tariffs, but this brief piece from Libby Cantrill and Tiffany Wilding of PIMCO goes a little further. In identifying some of the complexities related to our relationship with China, it’s clear that escalating trade tensions could introduce enormous risk that extend far beyond the protectionist policies favoring steel workers in Ohio or Pennsylvania. Read more...

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Real Investment Advice: Dancing in the Dark

Doug Kass of Real Investment Advice channels the hardest-working man in rock ‘n’ roll, Bruce Springsteen, in assessing the landscape of America’s current state of perpetual chaos. Although the plethora of themes here reads less like the beautifully melancholy lyrics of The Boss and more like Blitzkrieg Bop from The Ramones, there’s something here for everyone. Read more...

BlackRock: Navigating the New Volatility Regime

Rick Rieder and Russell Brownback of BlackRock state that volatility feeds on itself, which isn’t helped by what they see as a late-cycle investment opportunity set. They also point to Japan as an example of a country with all the problems you’d expect to come with surging government debt and a declining working-age population. What could go wrong?! Read more...

Some Parting Thoughts:

The better you look, the more you see: “16 US steel stocks market cap up $1B as a result of tariff announcement today. Rest of S&P 500 down $400B. ‘Making Americans Poor Again.’ (H/T Smails)” - Doug Kass on Twitter after President Trump’s tariffs announcement

This is not an exit: “So one of the things we’re advising clients, obviously, you have to be looking into [Artificial Intelligence]. You have to be looking into [Virtual Reality]. You have to be thinking about how these things can affect your business, the products, the way you connect with your clients, your customers. The way you leverage your people and your talent to be more effective with your clients and customers. But we’re also advising people to stay flexible because the amount of change is going to be significant.” - David Solomon, the soon-to-be CEO of Goldman Sachs, on Goldman’s podcast last October

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