The Meb Faber Show
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JP Morgan's David Kelly - Spread Out or Miss Out: The Urgent Case for Diversification | #557
My guest today is Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management. In today’s episode, Dr. David Kelly discusses various economic themes, including inflation, consumer sentiment, the value of the dollar, and the government deficit. He also covers the current state of global markets and urges listeners to reassess their risk exposure in light of recent wealth gains.
Key Points
- David Kelly believes that the U.S. economy is not inherently prone to inflation and expects inflation to continue declining as pandemic and supply chain issues fade.
- Despite widespread pessimism, consumer spending remains robust due to rising real wages and increased household wealth, particularly from stock market gains and home equity.
- Kelly suggests that the U.S. dollar is overvalued, contributing to trade deficits and the decline of U.S. manufacturing, and recommends gradually lowering the dollar's value to stimulate economic balance.
Follow David: Website; LinkedIn
Additional Resources: Guide to the Markets 2025 Long-Term Capital Market Assumptions Interest Rates Will Do a ‘Slow Dance Downward,’ This Economist Predicts
Chapters
| 1:13 | |
| 4:12 | |
| 8:24 | |
| 13:27 | |
| 20:44 | |
| 26:52 | |
| 33:09 | |
| 36:56 | |
| 39:37 |
Transcript
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