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What I Think I Learned Last Week #5

Private Equity funds are sitting on $600 billion of uninvested cash, according to Prequin. That is a lot of buying power sitting on the sidelines.

Of course, $600 billion isn’t what it used to be as the strong euro rally continued, blowing past the $1.20 level last week, the first time the euro had done so since January 2015.

It’s a con game (1): US consumer confidence jumped to its highest level in five months and US second quarter GDP growth was revised up to 3% annual growth, well ahead of the first estimate of 2.6%.

It’s a con game (2): Economic confidence in Turkey increased to 106 in August, its highest level in five years, according to the Turkish Statistical Institute. The lira subsequently hit an eight month high against the dollar. Everything is hitting highs against the dollar these days.

It’s a con game (3): Economic confidence in the Eurozone has risen to its highest level since July 2007, just before the great financial crisis started, according to the European Commission’s economic sentiment indicator.

We are working on it (1): The number of people employed in Italy has topped 23 million for the first time since 2008.

We are working on it (2): Japan labor shortages are at a 43-year high with 1.52 open jobs for every applicant, according to the Ministry of Health, Labour and Welfare. This is the highest since February 1974.

Brazil’s economy finally escaped recession with a 0.2% expansion, marking its second consecutive quarter of economic growth.

The Center for Retirement Research at Boston College conducted a study and came up with the conclusion that retirees with dementia need help with their finances. Really? The world needed a study to tell us that? I haven’t conducted a study, but I think I can safely say that those with dementia probably need help not only with their finances, but a whole lot of other stuff too.

And that’s what I think I learned last week….