Opening Statement from the May 2019 Intelligent Investor 

Opening Statement from the May 2019 Intelligent Investor 

Originally published on May 8, 2019 (pre-market release)

Overview

When compared to the rest of the world, the U.S. economy looks quite strong. But we have detected a mild decline in momentum despite strong overall economic data. With the impact of the fiscal stimulus set to diminish from here, trade uncertainty combined with global weakness is likely to further restrict growth potential. But again, we do not see much of a chance of a recession in the U.S. for 2019. In contrast, the odds for a recession in 2020 are considerably higher, but...