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[object Object],[object Object],[object Object],2009 GLOBAL ECONOMIC OUTLOOK
THE GLOOM & DOOM… California unemployment jumps to 8.2%, third-highest in the U.S.  The state's unemployment rate is the highest in 14 years;  10:58 AM PST, November 21, 2008
JUNK DEBT HAVEN’T WE SEEN THIS DOOM BEFORE ??? Oct 13, 2008 Nov 19, 1973 OIL Nov 2, 1987 JUNK BONDS Sept 22, 2000 JUNK EQUITY
A CRISIS FUELED BY A REAL ESTATE BUBBLE
REAL ESTATE DEBT IS STILL BACKED BY A HEAVILY INDEBTED CONSUMER (WHO WILL NOT CONSUME AS BEFORE) 1929 depression – 2.6x 2008 recession – 3x 3X IN 20 YEARS
THE REALISTIC CURVE Dow at 8500
AND U.S. GDP IS ON A GOOD PATH TO POSITIVE RECOVERY IN 2H09, EPS IN 1H10, CONSUMER IN 2H10…EUROPE A LAGGARD
BUT THIS RECOVERY WILL BE LONG  3-5 quarters…maybe longer
THE GOOD NEWS FOR TECHNOLOGY
TECH SPENDING LESS VOLATILE THAN GENERAL ECONOMY
TECH STOCKS RECOVER MUCH FASTER THAN THE GENERAL ECONOMY
Certain data supplied by Sequoia, OECD Economic Office, Bloomberg Finance. The rest is our opinion, and does not represent advice or recommandations www.finatech.com ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Finatech - 2009 Global Economic Outlook

  • 1.  
  • 2.
  • 3. THE GLOOM & DOOM… California unemployment jumps to 8.2%, third-highest in the U.S. The state's unemployment rate is the highest in 14 years; 10:58 AM PST, November 21, 2008
  • 4. JUNK DEBT HAVEN’T WE SEEN THIS DOOM BEFORE ??? Oct 13, 2008 Nov 19, 1973 OIL Nov 2, 1987 JUNK BONDS Sept 22, 2000 JUNK EQUITY
  • 5. A CRISIS FUELED BY A REAL ESTATE BUBBLE
  • 6. REAL ESTATE DEBT IS STILL BACKED BY A HEAVILY INDEBTED CONSUMER (WHO WILL NOT CONSUME AS BEFORE) 1929 depression – 2.6x 2008 recession – 3x 3X IN 20 YEARS
  • 7. THE REALISTIC CURVE Dow at 8500
  • 8. AND U.S. GDP IS ON A GOOD PATH TO POSITIVE RECOVERY IN 2H09, EPS IN 1H10, CONSUMER IN 2H10…EUROPE A LAGGARD
  • 9. BUT THIS RECOVERY WILL BE LONG 3-5 quarters…maybe longer
  • 10. THE GOOD NEWS FOR TECHNOLOGY
  • 11. TECH SPENDING LESS VOLATILE THAN GENERAL ECONOMY
  • 12. TECH STOCKS RECOVER MUCH FASTER THAN THE GENERAL ECONOMY
  • 13.