If you produce the same chart pack for the same meeting and refer to the same inputs, you're probably going to arrive at the same conclusions

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If you produce the same chart pack for the same meeting and refer to the same inputs, you're probably going to arrive at the same conclusions. Unsurprisingly, weak data since the last interest rate cut has lent voice to a chorus of economists calling for the need for further cuts. This should go well. The housing market could use some more juice! Perhaps I'm too cynical. This could be the time when banks finally stop just lending more against housing and claim that loan quality is deteriorating rather than improving... Regardless of the angle of approach, we cannot rationalise the current divergence in valuations. Pricing relatively passive assets like toll roads, shopping centres and pipelines at more than double the multiple of retailers, raw material producers and transport companies suggests the latter can comprise a far lower share of the economy in the longer term (despite being far larger employers), without compromising the ability of these passive income streams to grow ever larger as a share of the economy. Read the full article: (VIEW LINK)


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