My favorite deflationist was a guest host on Squawk Box Europe on Friday. He seemed less energetic than usual; I think the “all asset” rally might be getting to him.
Part 1 – On markets being “crowded” and “all one trade”. “There is no diversification. You are either in the market, or you are not. I’m not.”
Part 2 – On how it is “too early” to tell whether his deflation thesis is correct. Letter from viewer telling him to just admit that he is wrong. “Asymmetric” trades. “I’m the bogeyman.”
Part 3 – Host: “Do you honestly think the Americans will sustain a 6% savings rate?” Hugh: “I think they could have a 12% savings rate.” China.
Part 4 – Gold. Viewer writes in to make fun of his “gold in the $500s” call.
Part 5 – iPhones and debt deflation.
Part 6 – Corporate credit. Viewer writes in to say, “Wake up, Hugh! We are at the beginning of the biggest bull market in history!” Debt as the “elephant in the room, pressing down”.
Part 7 – Viewer writes in to suggest Hugh as a contrary indicator. Hilarity ensues.
Part 8 – Soros, currencies, the art market, and some views that “do not represent those of the station”. Conclusion. (As usual, I got lazy for this last part and just ran a bunch of clips together.)
still testing comment procedures.
dont hate me nemo…
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more good work nemo. Hugh predicted earlier this year that the S&P could reach 1100. he said he didn’t want to reach for 10% at the time. i bet he really didn’t think it would hit his mark, regarding his energy. if you have been a bear in the past few months (and likely correctly so in the long run), what can you do but just watch the market shoot up up and up like balloon boy!