Where does it all end

Pie Funds

Pie Funds

Where does it all end? Well, it appears that the currency wars are heating up. Central Banks are determined to drive their own currencies lower to extract economic growth. Is this the death of investor animal spirits? Unlikely, in my view. The current unknown is what effect a stronger USD will have on US corporate earnings and also on the US Federal's Reserves plans to raise rates. Will American corporate profits be hurt by USD strength? Will the Fed delay planned rate hikes? The outcome of these two questions will play a key part in determining market moves in 2015. As far as US stocks are concerned, what concerns me is that the US market has been a stellar performer over the past six years, having risen more than 200% from its 2009 lows. But what's really startling is that the US market has NEVER risen seven years in a row and this is the seventh year. The Pie Funds monthly report provides further discussion on this theme: (VIEW LINK)

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