AccessibleversionTheFlowShowTheKidsAreAlrightScoresontheDoors:crypto36.4%,gold13.6%,oil13.4%,stocks11.8%,commodities20June202410.0%,US$4.2%,HYbonds2.7%,cash2.5%,IGbonds-0.3%,govtbonds-4.3%YTD.InvestmentStrategyZeitgeistI:"WithyourFMShardlandingprobabilitydownto5%,aren'tyoukindameantGlobaltobuythelongbondhere."ZeitgeistII:“MybiggestworryisasweepintheUSelection&aLizTrussmoment.”ZeitgeistIII:seepage2forLondon/Frankfurtclientfeedback.TheKidsAreAlright:2024isthefirstelectionin30yearsinwhichBabyBoomersareMichaelHartnettnotthemajorityvotingbloc:65mGenZ&Millennialvotesoutnumber50mboomers1;InvestmentStrategistmostimportantissuesforUSvotersaged18-292:inflation/healthcare/housing;leastBofASimportant:studentloans;inflation&costofhealthcare/housingpoliticallyunpopularfor+16468551508mostimportantvoters–investorsshouldnotassumeperpetualfiscalexcessinourview.michael.hartnett@bofa.comThePriceisRight:welikethelongbondonPrice(when34-yearJPYlowcan’tbidElyasGalou>>Nikkei&fallingyields=fallinghomebuilders,cyclicallynobueno),Positioning(desireforInvestmentStrategistcash/IG/tech,disdainforlong-end),Politics(inflationnotsopopular),Policy(USgovtBofASE(France)spending-2%on12-monthrollingbasis+bigslowdown1styearnewPresidentialcycle–+33187700087Chart4),Profits(USretailsales-1.5%YTD+weakerlabormarket–Chart3).elyas.galou@bofa.comTheB...
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