KEYNOTE SPEECH: Don Hanna, Fortress Investment Group
Thu Apr 21, 2011
Don Hanna, managing director of global liquid markets research at Fortress Investment Group, gave his erudite views on the most pressing macro-economic issues of the day – inflation, oil prices, and, of course, the disaster in Japan
Hanna started out by saying that it is these kinds of events that make macro-economics complicated and exciting. Last November, Fortress saw that there were inflation-related opportunities in rates, currencies and equities. At that point, the most obvious countries that were sitting on their hands relative to the pace of inflation were Indonesia and India. In terms of equity markets, the firm made a distinction between developed countries where some inflation could be beneficial, for example, the US or Russia, and other countries where the primary influence would be monetary-policy tightening.
Hanna noted that he also had exchange rate views that went across the spectrum from benign to virulent. There was China, where his view was that there is likely...
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