Where to Now, Part-1

This Part-1 of our January 2024 Macro Thoughts note outlines the recent major macro signals that help us navigate where we are in the cycle and how to position to both protect and be ready-to-deploy capital for creating wealth through investments.

Part-2 will highlight financial market signals and the valuation skew in addition to specific thematics, exposures, and instruments high on our active watchlist.

Our proactive strategy and portoflio positioning recommendations that are based on the quickly building evidence of these signals is summerised in this note, with more details to follow in Part-2, and our face-to-face discussions over the coming weeks.

Uncertainty v Risk

• There is always a level of uncertainty in investing. It’s about the unknown future.
• But the levels of known-unknowns, and more importantly, the binary-style probable outcomes from risks from financial markets in the immediate term (3-9 months) is within our framework HIGH.