Eric Wallerstein
speaker
106 appearances
2 recordings
1 series
first heard Sep 2022
last heard Nov 2022
Eric Wallerstein’s voice in public audio — every appearance, attributed to the second.
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Appearances
A lot of the world is really sparked by Russia's war in Ukraine.
In Asia, they're dealing with China's COVID-19 lockdowns, which have been super stringent and really crushed demand, both in China and the region broadly.
The UK has its own idiosyncratic issues.
They have political turmoil.
They've had fiscal policies spark like action in their bond market.
They've caused concern with pension funds.
And then even in Japan, they've been supporting their own currency, the yen, because it's been falling to its lowest levels in decades.
So there's across the world, there's seemingly problems.
And I think in that kind of really darkened outlook, people are saying, hey, like the US, sure, could be entering a recession, but it definitely looks better than some of the prospects elsewhere.
Yeah, so there are a few things that have led pretty prominent investors and firms to point to international stocks, specifically Europe, Japan, etc., as maybe the places that will really dominate the next decade or so.
One being valuations.
They just look more attractive.
They're cheaper.
People have said this is a good entry point.
Also, the dividend yield, you know, prices have fallen a lot this year and the actual cash that corporations are paying out to investors has almost never been higher in the difference between other developed economies and the U.S.
And then that last point that we discussed earlier is the strength of the dollar.
Once that finally subsides, which people are betting it will, that'll help boost international markets.
So there's basically three things that might help drive, you know, other developed markets to outperformance going forward.
Yeah.
So, you know, like you said, the Federal Reserve continuing to raise interest rates.
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