I thought I traveled a lot, but after sitting down with Mark Yusko last week in Raleigh and hearing about his whirlwind schedule, I feel like a homebody in comparison.
Below is the Morgan Creek Q2 2013 Market Review and Outlook. Do yourself a favor and print this one out, and set aside a solid hour to digest it all – it’s worth it.
Quick excerpt before the download:
“Some “wow” predictions that came out of our discussion were that the Brazilian Real is going to 4.0 and the AUD is going to 0.6 (from 2.3 and 0.9, respectively) as he thinks the global currency wars are just getting started. Amazingly, despite being net short in an overall rising global equity market, the Fund is also up 17% through June. One more interesting tidbit from our conversation is that he believes that Europe is like Japan 10 years ago and is headed for a lost decade of deflationary disequilibrium that will cause all kinds of stress in the system, particularly for the banks (we have seen that zombie movie and know how it ends…). A manager that focuses on identifying variant perceptions and putting the portfolio in a position to benefit from long-term trends is a manger who will compound wealth for many years to come.”