Passive Whales and the Math of Secular Slowdown

Published on: October 28th, 2020

Vincent Deluard, head of global macro strategy at StoneX has provided three reports to accompany his live interview from October 28, 2020: “Swimming with the Target Date Whale: Short for Halloween, Long for Christmas?”, “Love the Stock Market, Hate the Economy: The Crazy Math of Secular Stagnation”, and “Is There Still a Bullish Case for Overpriced U.S. Assets?”. These reports have been combined here for ease of reading and respectively explore how target date funds might be responsible for end of quarter turn arounds that now seem to happen like clockwork, the crazy but simple math of secular stagnation that explains valuations launching into the stratosphere, and how the biggest factors responsible for a decade of U.S. outperformance are finally starting to show some cracks.


  • KA
    Kelly A.
    1 November 2020 @ 21:46
    Some really great thinking in here. Thank you.