Whatever one’s view of where we are in the collective global cycle, pretty much everyone can agree that 2019 is long in the tooth and can safely be dubbed "late cycle".
Late cycles display some very particular attributes. Traditionally there is a flurry of merger and acquisition "megadeals" within incumbent industries, as well as a barrage of new upstarts, reflected in initial public offering (IPOs).
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Stirling Larkin writes on global investing and ultra high net worth wealth. He is chief investment officer of investment manager Australian Standfirst.
