HEDGEYE 1Q12 KEY MACRO THEMES
REPLAY PODCAST & SLIDES
January 11, 2012
Earlier today, Hedgeye's Macro Team, led by CEO Keith McCullough and DOR Daryl G. Jones, hosted their quarterly themes conference call. In addition to another lively and robust Q&A session, the core topics included:
- Strong Dollar = Strong Consumption: Our King Dollar thesis continues to strengthen and with it the outlook for U.S. consumption, roughly 70% of GDP, and U.S. consumption-related equities.
- Deflating the Inflation II: Alongside the strengthening of the King Dollar and the continued high inverse correlation of commodities to the U.S. dollar, we expect to see commodity inflation continue to subside. Winners include: domestic and international consumers. Losers include: commodity producers and emerging market currencies as their central banks ease monetary policy.
- Growth Slowing's Bottom: One standard bearer of global macro markets is that they revert to the mean. As economic growth bottoms out, certain equity markets, notably China, Germany, and the U.S., look set to outperform.
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The Hedgeye Macro Team