Myles Udland — Bank Of America Merrill Lynch Is 'Comfortable With The Thrust' Of Piketty's Analysis

Bank of America Merrill Lynch is siding with Thomas Piketty, the French economist whose data on inequality was recently questioned by the Financial Times.

"We are aware of the controversy over Piketty’s math (see the FT Money Supply blog), but are generally comfortable with the thrust of his analysis, having read his 577-pager, looked at his (problematic) spreadsheets, and cross-checked his data with alternative, credible sources," write BofA Merrill Lynch's Ajay Kapur. "His questionable assumptions do not detract from the power of his thesis."

Kapur and his team said this in a lengthy report titled, "Piketty and Plutonomy: The revenge of inequality," outlining the impacts of plutonomists, or the super rich, on investors.

They lead by stating, "Plutonomists – the very rich – cannot be ignored."

The skew toward the super-rich makes looking at averages an incomplete exercise, they argue...

Business Insider
Bank Of America Merrill Lynch Is 'Comfortable With The Thrust' Of Piketty's Analysis
Myles Udland