The Four Phases Framework

  • Henrik Lumholdt


In the previous chapter, we demonstrated the importance of the business cycle and argued in favor of understanding it in terms of the output gap. But we said only a little about asset class returns over the cycle. This is where macro meets the markets and is the focus of this chapter.


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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Henrik Lumholdt
    • 1
  1. 1.Instituto de Empresa Business SchoolMadridSpain

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