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Investing Legend Sees A Second Great Depression For Stocks By 2023

May 4, 2020

Investing Legend Sees A Second Great Depression For Stocks By 2023

The name of Kiril Sokoloff, author of the weekly WILTW (What I Learned This Week) newsletter through his advisory firm 13D Global Strategy & Research, needs no introduction on this website for the simple reason that over the past few years we have often published his highly insightful excerpts (most recently one month ago with “A Corporate-Debt Reckoning Is Coming“).

Which is why the latest “Lunch with the FT” feature by the FT’s Rana Foroohar may be of interest to readers curious about Sokoloff’s background and how over the past four decades he became one of the most closely sought after independent thinkers and strategists on Wall Street (he works out of St. Thomas in the US Virgin Islands, unaffiliated with any bank), and why his clients – which include Mukesh Ambani, Sam Zell and Raymond Kwok – are quite happy to pay thousands of dollars for a subscription.

We find 13D fascinating, and one of the world’s best newsletters for many reasons by the main one is that Sokoloff’s overarching philosophy – fiscally conservative, rational, measured – is congruent with ours: as the FT notes, Sokoloff “has been trying to make the financial elite see the dangers of seeking to solve the problems of debt with more debt“,  something we too have been doing since 2009 but obviously to absolutely no success.

As the FT continues, “the topic is timelier than ever, given that central-bank balance sheets — already huge before Covid-19 — are headed into the stratosphere, as policymakers struggle to cope with the crisis, not to mention the popping of a debt bubble that grew for years before it.”

Sokoloff is, of course, referring to this.

…click on the above link to read the rest of the article…

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