Plotting the spread cycle


Many believe that the flood of liquidity central banks provided in the aftermath of 9/11 and to fight the market impact of 'Enronian economics' played a crucial role in asset price inflation during the last few years. However, while central banks can affect the amplitude of cyclical swings, they cannot affect the character of the cycle itself.

Leverage and profit growth of companies are crucial parameters for pricing equity and debt through the cycle. In chart 1, we highlight the real investm

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: