Semiquincententacles: The US grip on markets on the 250th anniversary of the Declaration of Independence<br><br>Behold the Aquilaceph, half-bald eagle and half-octopus. On the semiquincentennial 250th anniversary of the US Declaration of Independence, this imaginary beast is a metaphor for the continued US grip on financial markets. In this special issue we look at the details: US reserve currency status, capital flows, the much anticipated but still unprofitable “Sell America” trade, US corporate profitability and productivity in the age of AI, investing in Security &amp; Resilience, equity market concentration, energy independence and the revival of the US IPO market. The biggest medium-term concerns for investors in US assets, other than the sustainability of the US Federal debt and cyclical inflationary pressures: the increased unpredictability in the rule of law, and government defunding of science and sidelining of scientific expertise.<br><br>Watch the video

Semiquincententacles

Eye On The Market

This podcast has been prepared exclusively for institutional, wholesale, professional clients, and qualified investors only, as defined by local laws and regulations. Please read other important information, which can be found on the link at the end of the podcast episode. Good afternoon, everybody. This is Michael Cembalest with the June Eye On The Market podcast.

I wanted to do something special this time in commemoration of the 250th anniversary of the Declaration of Independence. So I put together a long-form piece called Semiquincententacles. Let me get this right. Semiquincententacles. The semi-quincentennial is the 250th anniversary of the United States.

And the image that we created for this Eye On The Market is an Aquilicef, which is a name I made up, but it refers to this beast that you can see here that is a combination of a bald eagle and an octopus. And it's a metaphor for the tight grip that the U.S. on its 250th anniversary still has on global markets. And so in this issue and in this podcast, we look at the details. I'm doing a webcast that will go through more details.

This is going to be a more abbreviated version in this podcast of the materials. And, of course, to get the whole shebang, you've got to look at the actual PDF itself. And I'm going to cover issues like the U.S. reserve currency status, capital flows, this much anticipated but so far unprofitable sell America trade, corporate profitability and productivity at a time of AI, investing in security and resilience,

equity market concentration issues, energy independence, and then the revival of the IPO market. And we also take a look at some of the medium-term risks that I'm concerned about for investors, which is the increased unpredictability in the rule of law...

Semiquincententacles

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Semiquincententacles

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.