TPW's Pelosky on Global Markets

The video discusses potential shifts in global markets, focusing on Japan and China. It highlights the possibility of a bull market for Japanese stocks due to changes in capital flows and yield curve control. The global consumer is deemed healthy, with no major imbalances, and China's reopening is expected to boost spending. Inflation concerns are addressed, with a focus on commodities and market positioning. The video suggests a shift from US equity leadership to global markets, emphasizing opportunities in non-US markets and commodities.

What is one reason the speaker is optimistic about Japanese equities?

• Strong performance of Japanese bonds

• High ownership by domestic investors

• Undervaluation and cash-rich nature of Japanese stocks

• Weakening of the Japanese yen

How does the speaker assess the global consumer's health?

• The consumer is generally healthy across major regions

• There are major imbalances in the global economy

• Europe is in a deep recession

• The US consumer is struggling while Asia is thriving

What shift in global economic leadership is anticipated?

• From Asia to Europe

• From the US to other global regions

• From emerging markets to developed markets

• From Europe to the US

What is the expected impact of a weakening dollar according to the speaker?

• US markets will outperform

• Global markets will underperform

• Non-US markets will start to outperform

• The dollar will strengthen further

What is the speaker's stance on inflation concerns related to China's reopening?

• Inflation will only affect the US

• Inflation will remain unchanged

• Inflation concerns are overstated

• Inflation will significantly rise

What is the speaker's view on commodity prices?

• They have room to rise before reaching previous highs

• They will reach new all-time highs

• They are expected to fall significantly

• They will remain stable

What investment strategy does the speaker suggest for 2023?

• Concentrate on fixed income investments

• Focus on US equities and bonds

• Avoid all equity markets

• Invest in non-US markets and commodities