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Title

CFAH Meeting - 2017 and 2018 Market Outlook  - Barry Banister

Event Description

Reflation Trades and Markets Risks

We see several factors helping reflation trades to mid-2018: (1) Global QE is winding down, allowing the U.S. 10Y yield to stabilize or move higher, (2) Currency war is over, allowing U.S. inflation to edge higher, (3) U.S. labor markets to tighten further, and the Fed will not rock the boat near-term, (4) As GDP clouds lift we prefer cyclicals rather than growth or defensive, (5) Saudi Arabia is likely to reassert its 'central bank of oil' role and extend output cuts, having no other options, (6) Presidential difficulties may be a catalyst for Republican agreement on tax reform.

Beyond mid-2018 we see several overall market risks: (1) Our market direction model (R2 0.75 monthly for 65 years) indicates this is the final run before a cyclical bear (-20%) market, (2) The U.S. 10Y yield may quickly plunge by 100bps and curve invert in 2018 if U.S. GDP growth disappoints or the Fed fumbles asset unwind, (3) Corporate spreads are the weak link for stock valuation in 2018, (4) We have doubts about the recovery in U.S. wages as well as GDP growth abroad in 2018, (5) Commodities are at a critical level, signaling a decisive reflation or deflation break, (6) With policy having adverse effects, resulting "reflate or bust" risk overshadows low volatility. 


Barry Bannister
Head of Institutional Equity Strategy

Managing Director, Stifel

Role
  • Head of Institutional Equity Strategy for the group 2011  Present
  • Sell-side Machinery and Engineering (E&C) analyst 1992-2010
  • Buy-side senior equity analyst / portfolio manager 1987-1992
Firms
  • Stifel & Legg Mason (predecessor firm), Baltimore MD 1998  Present 
  • SG Warburg & Swiss Bank Corporation, New York City 1992-1998
  • Buy-side investment firms 1987-1992

Other
  • 5x Institutional Investor magazine All Star Analyst (E&C, Machinery)
  • 6x Wall Street Journal Best on the Street award (E&C, Machinery)
  • 6x StarMine Top Level Analyst award (Industrials)
  • CFA charter holder since 1991
  • BA (1984) & M.B.A. (1987) Emory University, Atlanta GA

Event Type

Society

Education Topic

 

Start Time

10/4/2017 11:30 AM

End Time

10/4/2017 1:00 PM

City

Houston

State/Province

TX

Event Country

United States

Event Region

Americas

Location Info

​The Briar Club​
2603 Timmons Lane
Houston, TX 77027

Speaker

 

CE Credits

1

SER Credit

n/a

Currency

USD

Member Price

Free

Non-Member Price

$40

Candidate Price

$40

Registration

All Day Event

 

Recurrence

 

Attachments

Content Type: MyCFA Custom Calendar
Created at 6/12/2017 12:06 PM by kelly@amchouston.com
Last modified at 9/6/2017 2:33 PM by kelly@amchouston.com