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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