Mapping the Markets

Acknowledgements x

Introduction 1

Part 1 Tools for mapping the markets 5

1 Economic cycles 7

2 Stockmarket cycles 16

3 Sector rotation 28

4 Stock selection 31

Part 2 Long-term cyclical drivers 59

5 Economic catch-up 61

6 Demographic trends 70

7 Energy 79

8 Biotechnology 85

Part 3 Downward phases of the cycle 91

9 Global imbalances 93

10 External events 97

Part 4 Taking market bearings 101

11 Stockmarkets 103

12 Sectors 117

Conclusion 120

Note on sources 123

Bibliography 124

Index 129