Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. I do make mistakes, but I try hard to do my analysis thoroughly, and to make sure my data are correct. Remember: the unexpected sometimes happens. The expected does too, but all too often it takes longer than you thought it would.

The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.

BTW, clicking on most charts will produce the original-sized, i.e., bigger version.

Saturday, January 11, 2014

Global recovery strengthens

The Markit PMI surveys are a good early guide to the behaviour of economies in the previous month.  This chart shows the weighted average of the PMIs for China, Japan, Europe and the US.

It's not all up: France and Russia, for example are slowing.  China and Brazil are stagnating.

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