August 31, 2009

The coming economic adjustments will create investments opportunities for the astute investor who anticipates the changes to the “new normal”. For example, if during periods of secular decline in the savings rate, sectors which benefited from increased consumption expenditures outperformed the market, they will underperform during periods of a secular increase in the savings rate. The investment implication is obvious. Switch from a focus on sectors which benefit from domestic consumption into those that benefit from a secular increase in savings. The issue is how to identify or classify the industries.

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