#051 Peter Boockvar On The 'Death By A Thousand Cuts' Economy

Peter Boockvar (@pboockvar), Chief Investment Officer of Bleakley Financial Group and author of macro newsletter The Boock Report, joins Julia on episode 51 for a wide-ranging conversation on macroeconomics. In this episode, Boockvar makes a case that investors need to get accustomed to a slower rate of growth in this new interest rate environment where rates will stay higher for longer. As Boockvar puts it, it’s a “death by a thousand cuts” economy. The conversation touched on the housing market, the Federal Reserve, earnings, layoffs, China’s reopening, inflation, and much more. 0:00 Intro 0:31 Macro view 1:12 Still in a bear market 2:31 Debt coming due 5:56 A death by a thousand cuts 8:06 A slower rate of growth 9:40 Housing market 10:35 To what extent do home prices fall? 13:58 Economic outlook 15:00 Higher rates relative to inflation is a more healthy environment 17:00 The Fed’s reputation has been shattered 18:03 Powell doesn’t want to repeat the 1970s 19:00 Fed wants market to ‘sober up’ 20:44 2% inflation target is an arbitrary number 25:00 Earnings picture are a headwind for stocks 27:40 White Collar recession 30:24 China’s reopening 31:40 Chinese consumer has been unleashed 34:45 Why oil will go well north of $100 this year 36:30 Playing the China reopening 37:40 U.S. big tech’s best of their stock days are over 40:30 Every investor focused on macro has to keep an eye on BOJ 44:00 How to think about inflation 49:00 Be aware of your investing/economic surroundings 50:08 Boockvar’s marrying macro and micro 53:11 Time horizon is the key to successful investing