Happy Anniversary! Apart from Tom Petty’s birthday, it’s 31 years since the “Black Monday” crash of 1987, but it was a quiet one on Wall Street last night apart from some reminiscing by folks like Alan Kohler.
This morning’s Overview focuses on whether we’re late cycle or not, since 90% of fund managers reckon we are – more than before the 2007 crash. What is late-cycle? And what cycle is it?
And what about us here in royally-visited Oz, where interest rates aren’t moving, and there isn’t much of a cycle?
For Aln Kohler, it’s all about the banks, Telstra, and retail which are all examined in detail: I’m not a grizzly bear on the banks anymore – Alan has switched his pessimism to retail.