Has The U.S. Disintegrated Into An Emerging Market?
Harris Kupperman asks if the U.S. has gone from a developing market into an emerging market.
This is the latest from Harris Kupperman, founder of Praetorian Capital, a hedge fund focused on using macro trends to guide stock selection. Mr. Kupperman is also the chief adventurer at Adventures in Capitalism, a website that details his investments and travels.
Harris is one of my favorite Twitter follows and I find his opinions - especially on macro and commodities - to be extremely resourceful. I’m certain my readers will find the same. I was excited when he offered up his latest thoughts to Fringe Finance, published below - bold emphasis is QTR’s.
Are Developed Markets Now Emerging Markets?
The history of finance is basically the history of ruined speculators claiming that “no one could have seen that coming.”
To be successful at this game, one must focus on the unexpected—the tail risks that no one is even thinking about. However, in the echo-chamber that is modern finance, these tails often get dismissed or even worse, ignored.
Nowhere is this tail risk more apparent than in analyzing the Fed.