Welcome to Episode #2 of Ten Cap’s Meet the Expert Series featuring Gerard Minack, CEO & Founder of MinackAdvisors. Gerard is one of the world’s most in demand macro strategists and is well known for his honest and straight down the line views. In this episode, Gerard does not disappoint. He thinks equity markets are complacent on growth risks and heading lower; US equity rallies should be sold and not bought; Large asset allocation shifts out of the US are yet to come; And finally, private markets are “marking their own homework” but macro + funding risks raise future liquidation concerns for the asset class. In sum, the world is not where it was pre–Liberation Day but a lot of assets are back at pre–Liberation Day levels and that’s not good risk-reward, its bad risk-reward.
