Postcard from Munich

Bavarian Bullish

First stop on our European tour: Munich, the heart of Bavaria. As a macro tourist literally acting like a macro tourist, it may not be the sharpest investment strategy—but after a few days of spotless streets, lush parks, and PhDs on every corner, I’m feeling oddly bullish on Germany.

Deeper structural stories could begin to surface. The historic €300B private investment initiative set to be unveiled on July 21st is a strong testament of things to come. DAX is probably not a short-term buy right here right now but "Deutschland, Deutschland über alles" will for sure be a recurring theme in our long book going forward. Let's examine some positive aspects of the German trade.