BUBBLE #3 Q MACRO THEMES
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1 4Q 2012 BUBBLE #3 Q MACRO THEMES October 8 th, 2012
2 DISCLAIMER Hedgeye Risk Management is not a broker dealer and does not make investment recommendations. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy any security. This research is presented without regard to individual investment preferences or risk parameters; it is general information and does not constitute specific investment advice. This presentation is based on information from sources believed to be reliable. Hedgeye Risk Management is not responsible for errors, inaccuracies or omissions of information. For more information, including Terms of Use of our information, please go to Hedgeye Risk Management LLC All rights reserved. 2
3 Q MACRO THEMES REVIEW GROWTH SLOWING S SLOPE THE CLIFF OBAMA VS. ROMNEY 3
4 I skate to where the puck is going to be, not where it has been. -Wayne Gretzky 4
5 #EARNINGSSLOWING 5
6 NOT NEW NEWS, BUT MARGINS ARE ASYMMETRICALLY STRETCHED RELATIVE TO PRIOR CYCLES 6
7 AS IT RELATES TO CORPORATE EFFICIENCY, MEAN REVERSION RISK IS TO THE DOWNSIDE 7
8 THIS PUTS MORE PRESSURE ON THE TOP LINE TO DRIVE EARNINGS GROWTH 8
9 YET CONSENSUS NATURALLY ASSUMES MARGINS WILL CONTINUE TO EXPAND INDEFINITELY 9
10 UNIFORMLY ACROSS ALL SECTORS! 10
11 COMPANIES CAN PRINT WHAT THEY WANT FOR A QUARTER OR TWO, BUT CAN THEY GUIDE TO LOFTY EXPECTATIONS? 11
12 GUIDANCE WILL BE KEY AND CHEAP GETS CHEAPER WHEN COMPANIES GUIDE DOWN IHS (IHS) Chairman and CEO Jerre Stead said in late Q3, our non-subscription-based business saw a rapid weakening in key markets as customers put capital decisions on hold in these uncertain environments. Caterpillar (CAT) Management hinted that 2012 revenues would come off by about $2 billion dollars. Norfolk Southern (NSC) Management guided Q3 down on weaker shipments of coal and merchandise. FedEx (FDX) Management cites a weak global economy and tepid manufacturing activity around the globe as culprits for the downbeat results. Staples (SPLS) Management called the results dismal and disappointing with fiscal Q2 earnings down -32% Y/Y on a downturn in North American sales trends and continuing sluggishness abroad. Hewlett-Packard (HPQ) Earnings excluding some items for the 2013 fiscal year, which begins next month, will be $3.40 to $3.60 a share. Analysts on average had estimated profit of $4.16 a share, according to data compiled by Bloomberg. 12
13 THE FED HAS NUMBED STOCK MARKET OPERATORS TO SLEEP WITH ITS UNPRECEDENTED POLICIES TO INFLATE 13
14 FUELING A CRITICAL DIVERGENCE BETWEEN THE PERFORMANCE OF THE EQUITY MARKET AND THE ECONOMY 14
15 AS WELL AS A POTENTIAL MISPRICING OF SOLVENCY RISK IN THE CREDIT MARKET 15
16 AT VIX 14, THE BUY SIDE IS NOT BEARISH ENOUGH 16
17 AN ALL-TIME HIGH IN THE U.S. STOCK MARKET (DIVIDENDS REINVESTED) IS A FANTASTIC OPPORTUNITY TO BOOK GAINS 17
18 BUBBLE #3 18
19 GET THE US DOLLAR RIGHT, GET A LOT OF OTHER THINGS RIGHT 19
20 YOU HAVE TO KNOW WHERE YOU ARE IN THE SUPER- CYCLE FROM A STRATEGIC PLANNING PERSPECTIVE 20
21 ESPECIALLY AS IT RELATES TO NAVIGATING GREENSPAN/BERNANKE BUBBLE RISK THIS IS #3! 21
22 WE ARE NEAR THE END OF A DECADE-LONG COMMODITY BOOM Industrial commodities, copper, oil, gold all up 200% - 500% in 10 years 22
23 DRIVEN BY EASY MONETARY POLICY 23
24 AND CHINA China s iron ore demand went from 4% of the world s total in 1990 to 64% in 2011*; its impact on other commodities was similar 9 8 China's Copper Consumption (MM metric tonnes) Source: The Economist; Macquarie 24
25 EVERYONE WANTS TO INVEST AT THE BUBBLE S PEAK 25
26 WE REPEAT: EVERYONE WANTS TO INVEST AT THE BUBBLE S PEAK 26
27 BEAR IN MIND, COMMODITIES ARE CYCLICAL AND VOLATILE Slumps tend to last % longer than the booms Source: Cashin, P. & McDermott, J., IMF 27
28 BUT WHAT HAPPENS WHEN THE MUSIC STOPS? 28
29 POP! 29
30 KEYNESIAN CLIFF 30
31 AS GOVERNMENTS DO, THE LAST CONGRESS KICKED THE CAN DOWN THE FISCAL ROAD TO 2013 Since Congress was unable to reach a true deal, a compromise was reached via the Budget Control Act of 2011 The result is that in 2013: Total government budget revenues (taxes) are expected to increase 11.3% (no deal on the Bush tax cuts) Total government spending is expected to decline -1.89% (sequestration kicks in) 31
32 THE PROJECTED TAX INCREASES FAR OUTWEIGH SPENDING CUTS 32
33 ... AND THE TAX INCREASES WILL BE BROAD BASED 33
34 AT THE END OF THE ROAD IS THE KEYNESIAN CLIFF 34
35 THE IMPLICATIONS OF THE CLIFF ARE SLOWING SHORT TERM GROWTH 1. CONSENSUS: Bloomberg consensus GDP growth estimates for 2013 are +2.0% 2. REALITY: The CBO has incorporated all spending cuts and revenue increases and has an estimate of +0.5% GDP growth for PROBABILITY: THE CLIFF COULD REASONABLY EQUATE TO A 1-2% DRAG ON GROWTH IN 2013, RELATIVE TO CONSENSUS EXPECTATIONS 35
36 JUST IN TIME FOR THE KEYNESIAN CLIFF IS ANOTHER DEBT CEILING DEBATE! Based on our estimates, we will technically violate the debt ceiling in December There are one-time measures that can push it six months. 36
37 BUT IT S AN ELECTION YEAR, IS CHANGE ON THE WAY? Key upcoming events: Vice Presidential debate (foreign and domestic policy) Oct. 11 th Presidential debate (town hall) Oct 16 th Presidential debate (foreign policy) Oct 22 nd Election date November 6 th 37
38 THE POLLS HAVE NARROWED SINCE THE DEBATE, THOUGH OBAMA STILL LEADS 38
39 CURRENTLY, THE ELECTORAL MAP STILL LEANS MEANINGFULLY TOWARDS OBAMA 39
40 QE3 HAS BEEN POSITIVE FOR STOCKS AND OBAMA S ODDS BASED ON THE HEDGEYE ELECTION INDICATOR 40
41 THERE ARE SOME WILDCARDS TO CONSIDER 1. Voter turnout Most measures of turnout so far have suggested that Republicans may have up to 6% more turnout, which is meaningful if voter ID stays similar to (According to a Politco poll today : 84% of Republicans say they are extremely likely to vote and 76% of Dems) 2. Money To date, spending has been equal, though the RNC has spent a lot more. (In 2008, Obama outraised McCain 2 1 and spent more than 4 1 on media.) In coming weeks, with Super PAC aid, the Republicans should have the spending advantage. 3. Obama Approval The President s approval has consistently been below 50%. Historically, approval rating has been a good indicator of the share of the two party vote. (Most recent Gallup poll has him at 48.) 41
42 CURRENTLY, THERE ARE THREE PROBABLE SCENARIOS 1. OBAMA IS RE-ELECTED AND CONGRESS REMAINS SPLIT -> Weak dollar 2. OBAMA IS RE-ELECTED AND DEMOCRATS TAKE BACK BOTH HOUSES -> Weak dollar 3. ROMNEY WINS AND WITH THIS VICTORY REPUBLICANS TAKE CONTROL OF CONGRESS -> Stronger dollar? 42
43 THE CONSENSUS SCENARIO IS NO CHANGE: OBAMA WINS WITH A SPLIT CONGRESS 43
44 THUS, A REASONABLE RESOLUTION OF THE KEYNESIAN CLIFF AND DEBT CEILING ARE UNLIKELY IN 2013 The Democrats are the party that says government will make you smarter, taller, richer, and remove the crabgrass on your lawn. The Republicans are the party that says government doesn't work and then they get elected and prove it. - P.J. O Rourke 44
45 CURRENT HEDGEYE POSITIONS 45
46 FOR MORE INFORMATION AND A COMPLETE LISTING OF RESEARCH PLEASE VISIT: OR SALES@HEDGEYE.COM THIS PRESENTATION WAS PREPARED BY: THE HEDGEYE MACRO TEAM 48
47 47
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