Tom McKay

Head of Equities at Schroders, Martin Conlon argues that we've become complacent and are putting far too much faith in policy makers. we don't expect the future to be a bed of roses. Profits have benefited from an extended artificial tailwind borne of excessive credit. Credit brings forward demand. Slowing credit and deleveraging mean slowing demand. Twenty years of booming credit will not be unwound in one or two years when debt levels merely stabilise. (VIEW LINK)


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