Six Things Vincent Deluard Learned in 2018 And What They Mean for 2019.

Global Macro Report: Six Things Vincent Deluard Learned in 2018 And What They Mean for 2019. 

  • Cash remains Vincent Deluard's favorite asset class: Equities may bottom in 2019, but rich valuations, flat yield curves, and rising rates still make a powerful case for cash in the short-term
  • Emerging markets are down, but not out: Low valuations, extreme pessimism, and a falling U.S. Dollar should help emerging markets outperform in 2019
  • Excessive corporate debt is 2019’s biggest risk: Watch out for a corporate bond or leveraged loan market accident
  • Trade wars are real: D. Trump is a “tariff man” and tariffs raise revenues to fund electoral promises
  • The age of deficits has started: France and Germany will provide the European Union with a large fiscal impulse.
  • The age of technology is over: Tech is everywhere, so it no longer exists as a distinct entity.

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Vincent Deluard  Market Intelligence
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Vincent Deluard   

Vice President – Global Macro Strategy

Vincent Deluard, CFA, is the head of global macro research at the BD Division of INTL FCStone Financial Inc. A prolific market commentator who’s often quoted in the Financial Times, Wall Street Journal, Barrons, Real Vision, and Reuters, Mr. Deluard earned the Euromoney Padraic Fallon Editorial Prize for his in-depth study of the investment opportunities offered by the European debt crisis in 2013. Prior to joining INTL FCStone Financial Inc., Vincent served as Europe Strategist for Ned Davis Research Group, where he authored weekly publications on European markets and designed proprietary trading models that combined fundamental, technical and macro indicators to identify major investment themes and market trends. Vincent is an instructor for the level 3 of the CFA examination and an adjunct professor of finance at Golden Gate University executive MBA program.

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