The RIC Report

In search of a good deal

14 May 2025

It's a record gap between bearish surveys & bullish facts. History says: a soft-data panic + no recession = 17% market upside
$7tn in negative-yielding cash after spring bear market; likely to be unwound by trade peace, tax cut, deregulation catalysts
13 lucky relative value ideas: in equities, EM divs, MLPs, pure value; also fallen angels, loans, dynamic commodities & gold.

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