Macro guru Lyn Alden says that one traditional asset class is looking more promising than most are giving it credit for.
In a new interview with Jimmy Conor, Alden says she’s expecting more or less “stagnant” markets in the near future.
However, Alden says there will be “pockets of opportunity” – one of which is US financials, which she says she’s bullish on.
“I think that’s kind of the phase we’re entering, so that’s why I expect a generally more stagnant market with pockets of opportunity. I’m public that I’m actually bullish on US financials at the current time.
Ironically, as the US enters a slow-motion fiscal crisis, one of the winning sides is the private sector financials because everybody is fighting the last battle of what banks are going to be in trouble, or are we going to have a big credit event…
I think that the biggest one is on the sovereign level, and that tends to be pretty decent for the private entities in the ecosystem…
Basically, this gets taken out in terms of fiscal dominance, running things hot for a long period of time, taking it out on the currency rather than through major private sector deleveraging. So I think right now US banks on average are pretty cheap and they’re pretty well capitalized, so outside of certain rare pockets, I’m pretty bullish on US financials and US banks in particular.
No one’s really interested in buying them right now, but I find them interesting. It’s not the only asset I’d own, but I’m a lot less bearish on them than the market seems to think.”
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