Ten True Contradictions
1. Inflation metrics are falling cyclically. / The drivers of secular inflation are rapidly accumulating.
2. US manufacturing and freight are well into a recession. / The US economy is not in a recession.
3. Our structural budget deficits are due to excess spending. / Our structural budget deficits are due to a lack of revenue.
4. The US average savings rate is nearing historical lows. / Accumulated savings are near all-time highs.
5. Protectionism is inflationary and an impediment to growth. / We are going to see an increasing number of protectionist policies.
6. The US has, by far, the best university system in the world / The US is failing to adequately educate our population.
7. Americans are, on average, not in favor of increasing legal immigration. / The US will increase legal immigration.
8. The US has better demographics than Europe and the developed countries of Asia. / The US has terrible demographics.
9. Climate change is accelerating and will manifest in calamitous ways globally. / Policies that propose disinvestment from domestic oil and natural gas production are counterproductive.
10. Inflation is a tailwind for near-term corporate topline growth. / Inflation is a headwind for long-term profit growth.
Tim Pierotti is WealthVest’s Chief Investment Officer.
Tim has over 25 years of experience in various aspects of the equities business. Prior to joining WealthVest, Mr. Pierotti spent seven years in Equity Research management roles at Deutsche Bank and most recently at BMO where he was a Managing Director and Head of US Product Management. Tim has 11 years of investment experience most notably as Head of Consumer Research and Portfolio Manager at The Galleon Group, a former NY based $8Bln Long/Short hedge fund. Tim is a graduate of Boston College and lives in Summit NJ.
WealthVest makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made in this material, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of Tim as of the date indicated. They do not necessarily reflect the views and opinions of WealthVest and are subject to change at any time without notice. WealthVest does not have any responsibility to update this material to account for such changes. There can be no assurance that any trends discussed during this material will continue.
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Certain statements made in this material may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.
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