Welcome to the Vitus Capital Blog!
Notes to myself, possibly of interest to others.
-- Bill Northlich

Wednesday, September 16, 2009

Rosenberg again (sigh) on tarrifs

There was a disturbing article in yesterday’s WSJ highlighting how global free trade is now being replaced by rising disputes and barriers being erected — a report by the WTO showed that 130 protectionist measures have been implemented globally and that 90% of the goods traded across the planet have been affected. This should lead to lower, not higher, P/E multiples in global equities, but instead investors seem to like all the government stimulus. However, make no mistake, gold and basic materials stand to benefit as ‘security of supply’ emerges as a key geopolitical strategy and market theme

--- Rosenberg, 9.16.09 letter

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