Some good stuff this morning on CNBC from former Tiger Capital manager and Argonaut Capital chief David Gerstenhaber.His most salient point thus far concerns demographics, and the iron-clad maths working against US equities.
It’s as simple as this: In the 60s, young professionals were seeing their salaries increase regularly, with few shocks to scare them, and few substantial costs to plan for.
Today: Those same folks have seen their net-worth decline by 50%, they’re planning for retirement, and they may have substantial costs related to children and education.
Thus the demographics — which is frequently cited as the guiding force behind the Japanese malaise — threatens US markets, and the future robustness of the US economy.
We’ll have full video and key points later.