“THE ONLY THING WE HAVE TO FEAR IS…FEAR ITSELF” – Pres. Franklin D. Roosevelt 1933
We are in the midst of one of the great bull markets in history. CNBC’s Jim Cramer calls it a beast… and we agree. Rarely have we witnessed a time when global economic growth is synchronized, productivity is high, employment is rising, and the global consumer is reasonably positioned from a savings standpoint. At the MWG, we believe we are at one of those points in history where improved productivity through technology is allowing the standard of living to increase while holding inflationary pressures at bay. We have started to witness completely robotized assembly lines and self-checkouts in grocery stores. While there are some unfortunate dislocations of labour in the short term, these trends should improve quality of life in the future.