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Progressing Through The Credit Tightening Cycle | Julian Brigden

Inflection Point

00:00

The Importance of Inventory Management in the Economy

Since 1985, we've lived in this period that they called the great moderation, right? So it's been a relatively low volatility in the underlying economic cycle. We are living with extraordinary high levels of retail inventory still at this point. This is one of those other little secrets of the equity market. The equity market trades off nominal levels of activity - not inflation adjusted.

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