Risk & Opportunity

A quarterly political and economic newsletter published by Michael Cuddehe

The objective of R&O is to provide social, political and economic commentary on developments that impact the trajectory of our society from the perspective of the marketplace. Special emphasis is given to long-term structural and systemic issues.

Q4 '15


The world is in a state of confusion, reflected in markets across the board, which went nowhere for all of 2015 (see BloombergThe Year Nothing Worked”). The new year started off with a sharp, but historically normal, selloff in stocks (Dow -13%, S&P -11%). Market fundamentals suggest more downside but the selloff precipitated a level of pessimism usually only seen at significant market bottoms.

Some good things are happening…notably the global climate agreement and the nuclear deal with Iran. At the same time there is plenty to be concerned about.
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