September 2018

“I am saying that currency trading is unnecessary, unproductive and totally immoral, it should be stopped. It should be made illegal. We don’t need currency trading” Dr. Mahathir Mohamad (4th and 7th/current Prime Minister of Malaysia)


  • US stocks are now in the longest bull-market stretch in history driven by earnings growth and their ‘safe-haven’ status
  • The crisis in emerging markets is not over as structural issues have not been resolved yet
  • Once the EM dislocation comes to an end, several attractively-priced markets offer great trading opportunities
  • Non-consensual view: US equity markets may not be as expensive as widely perceived

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