Recent Nikko Summit

We are in a difficult year at a crossroads. In a new regime with little productivity growth in last 20 years.
Too much regulation.
Unpopular governments – thrown money at people.
Made up money – called quantitative easing.
Big budget deficit. US Treasury lent money to US investment banks. They then lent it to hedge funds. US Fiscal stimulus taken away 1^st Economy flat. Second ½ recession. Deflationary. Will impact commercial Real Estate – maybe not given election.
It’s likely we have rate cuts in 2024, 2025 and 2026 likely inflationary.
In the US inflation, in Asia deflation.
There is a giant fiscal tightening in China and corporate austerity. Growth weak. China will take a long time to recover. It will export deflation.
Not much going on in Europe. Bad demographics. Average Germany voter retired.
Japan is a weak economy and strong stock market. Yen will wilt.
South America and India are positive. Indonesia and Chile are doing well.
UK Struggling.
NZ heading into a recession. NZ and Australia impacted by slower growth in China. With higher inflation you need to pick right companies (stocks) and stick with them.