Barry Bannister: The Biggest Risk to the Economy Is Government Policy, Not Fundamentals
The reflation trade will return in the second half of 2013
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Jim is pleased to welcome back Barry Bannister CFA, Managing Director at Stifel Nicolaus. Barry characterizes the first half of 2013 as recovery from a deflationary shock, with defensive stocks outperforming. He sees the second half of the year as a return of the “reflation trade”, with an emphasis on the energy, materials, industrials and technology sectors. Barry also discusses the many parallels between the depression-era policies of 1932-1937 and the current economic policies from 2009 -2013. He sees politicians repeating many of the same policy mistakes, and believes if the economy falters, it will be policy-driven, not from the economic fundamentals.