A global recession next year will pose challenges for many asset classes including shares and illiquid investments that have not yet adjusted to much higher risk-free rates.
Investors need to face up to the reality that a global recession is likely next year, which will crush corporate earnings and substantially increase default rates among high-risk borrowers.
Since the start of the year, our models have been forecasting a US recession with a high degree of confidence, commencing in 2023.
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Christopher Joye is a portfolio manager with Coolabah Capital, which invests in securities, including those discussed in his column. Connect with Christopher on Twitter.
