Monday, August 27, 2012

David Rosenberg — Paul McCulley on capex trend

Paul McCulley, the former legendary economist and fund manager at PIMCO, who was once being touted to join the Fed as a policymaker, told me last year at the Altegris-Mauldin conference, the YoY trend in the three-month moving average of core capex orders had for a long time been his preferred indicator of how the broader economy was going to fare a few quarters into the future. Well, if you are bullish on U.S. growth prospects over the near-term, I suggest you look at the chart below:
Zero Hedge
Submitted by Tyler Durden

How's PIMCO been doing since McCulley left?

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