The Bull Thesis for Energy | California as a Leading Indicator

December 30, 2022 – As we end out the last week of the year, we are going to air two interviews from our weekday FS Insider podcast that ran a couple of months ago in October. The first is with Aaran Param out of the UK, Head of Asset Allocation at Variant Perception where he discusses the 6-12 month outlook for the stock market based on liquidity measures and the leading economic indicators. Aran also discusses the longer-term 2-3 year outlook where they have a high conviction call on energy and provides some really good insights on how they expect this area to perform in the midst of a potential recession in 2023.

After Aaran, Nick Pardini, founder of Davos Macro Research, explains how California acts as a leading indicator in the era of hard choices ahead. Nick discusses the fascinating parallels between Michigan in the 1960s and California today, the possibility of seeing defaults based on demographic patterns of migration in and out of the state, and how this is part of a larger structural trend affecting the US and many other parts of the globe when it comes to rising borrowing costs, inflation, and demographics. These are definitely two interviews you won’t want to miss that we really enjoyed. As always, if you aren’t already a subscriber to our weekday FS Insider podcast and would like to hear more of our content airing 3 days during the week...

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Follow more of Nick Pardini's work at Davos Investment Group, LLC (

Check out his YouTube channel at Analyzing Finance with Nick - YouTube

See related video interview The Grim Economic Future of California

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