February 2024
The Generals may have made their last stand!
Thirteen years ago I wrote an article titled ‘The San Juan Hill Theory’, in it I discussed the deteriorating breadth that was being experienced across global equity markets and likened it to what had been seen four years earlier in 2007, just nine months prior to the onset of the GFC. In last month’s introduction I again referenced the narrowness that was being seen in the US market. In this month’s Strategy Thoughts I revisit the San Juan Hill Theory and again broaden the review out from the US to look at all major regions of the world. I will also look at the marked divergence that has been seen between the two global rivals, China and the US, and also update on the two positions I mentioned last month; gold and uranium.
