The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Head of Macro Analysis
Summary: Just coming back from Russia. This is my latest macro presentation for Q4 2019 focusing on USD liquidity, leading indicators based on credit and Russia outlook (RUB & macro).
My main takeaways: