NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today released a new macro Insights piece by Henry McVey, Head of Global Macro and Asset Allocation (“GMAA”). In “Spotlighting 2016’s Great Debates,” McVey analyzes the current macroeconomic landscape and highlights important areas where KKR’s GMAA team has a differentiated view from the consensus.
Specifically, “Spotlighting 2016’s Great Debates” focuses on the following views:
1. Looking through the lens of nominal GDP rather than real GDP, we see much slower growth for business operators.
2. China’s currency dilemma is primarily linked to its capital account, not its current account. Even with a strong currency in recent years, China has been using its strength in high-end exports to drive increased market share into a slowing global trade environment.
3. Non-traditional monetary policy, negative deposit rates in particular, could now be a headwind, not a tailwind, for risk assets.
4. Oil will likely remain in a bear market as long as supply continues to outpace demand, which we suspect will remain the case throughout most of 2016.
Links to access this note as well as an archive of Henry McVey's previous publications follow:
- To read the latest Insights: click here.
- To download a PDF version: click here.
- To download the KKR Insights app on iTunes: click here.
- For an archive of previous publications of Insights and Thoughts From the Road: click here.
About Henry McVey
Henry H. McVey (New York) joined KKR in 2011 and is Head of the Global Macro and Asset Allocation team. Mr. McVey also serves as Chief Investment Officer for the Firm's Balance Sheet. Prior to joining KKR, Mr. McVey was a managing director, lead portfolio manager and head of global macro and asset allocation at Morgan Stanley Investment Management (MSIM). Prior to that, he was a portfolio manager at Fortress Investment Group and chief U.S. investment strategist for Morgan Stanley. While at Morgan Stanley, Mr. McVey was also a member of the asset allocation committee, and the top ranked asset management and brokerage analyst by Institutional Investor for four consecutive years before becoming the firm's strategist. He earned his B.A. from the University of Virginia and an M.B.A. from the Wharton School of the University of Pennsylvania. Mr. McVey serves as co-chair of the TEAK Fellowship board of trustees and is a member of the Pritzker Foundation and Lincoln Center Investment Committees.
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The views expressed herein are the personal views of Henry McVey of KKR and do not necessarily reflect the views of KKR. This information is not research and should not be treated as research. It does not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not represent a formal or official view of KKR. It is being provided merely to provide a framework to assist in the implementation of an investor's own analysis and an investor's own views on the topic discussed herein. There can be no assurance that an investment strategy will be successful. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such. This information should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy. References to a target portfolio and allocations are hypothetical allocation of assets and not reflect an actual portfolio. The views expressed herein and discussion of any target portfolio or allocations may not be reflected in the strategies and products that KKR offers or invests, including strategies and products to which Mr. McVey provides investment advice to or on behalf of KKR. It should not be assumed that Mr. McVey has made or will make investment recommendations in the future that are consistent with the views expressed herein, or use any or all of the techniques or methods of analysis described herein in managing client or proprietary accounts. This release may contain projections or other forward‐looking statements. Neither KKR nor Mr. McVey assumes any duty to update such statements.