I ran into this extremely interesting quasi-follow-up to my previous blog and decided to share it. It is an email by Mauldin Economics (which you can find here: OTB_Apr_17_2015) that introduces the latest Hoisington Quarterly Review. There is no need to add further comments.

For those interested in the quoted McKinsey study, you can access it here: MGI Debt and not much deleveragingFullreportFebruary2015 .