#GrowthDivergences (one of our Q1 Macro Themes) is actually pretty obvious from a Global Equity market read-through perspective.
In our model, it's all about the rate of change. And it's relative too.
Take a look around... Greece, Portugal, and Denmark are all up between 6-11% year-to-date. Now take a look at China, Japan and Brazil down... all 3-4% year-to-date.
It makes for a great macro tape for country picking equities.
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