Macro-Economic Outlook


November 01, 2016 DEVONSHIRE NEWSLETTER MACRO RESEARCH
For institutional investors only | Not a product of research | See below for important disclosures



"I try to get rid of people who always confidently answer

questions about which they don't have any real knowledge."

- Charlie Munger




Technology Sector: Short Trends

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   XXXXXX XX
XXXXXX XX XXXXXX XXXX XXXXX XX XXX XXXXX: X XXXXXX XXXXXXX X XXXXXXX XXXXXXXXXXX XXX XXX XXXXXXXXXX XXXXXX XXXXXX XXX XX XXXXXXX XX XX XXXXXXX XXXXX XXXX XX XXXXXXXXXX XX XXXXXX XXX XXXXXX XXX XXXXXX XXXX XXXXXXX XXXX XX XXX XXXXX XX XXXX XX XXXXXXX XX XX XX XXXXXX XXXXXXX XXXXXXXXXX XXXXXX XX XXXXXX XXXXXX XX XXXXXX XXXX XXXXX XXXX XXX XXXX XXXXXXX XXX XXXXX XXX XXXXXX XXX XXXXXX XX XXXX XXXXXXXXXXX XXXXXXX XX XXXXXXX XXXXXXX XXXX XXXXXXXXXXXXX XXXXXXX XXXXXXX XXXX XXXXXXXXXX XXXXXXXX XX XXX XXXXXX XX XXXXXXX XXXXXXXX XXXXXXXXXX XXXXX XXXXXXXXXX XXXX XXX XXXX XXXXXXX XXXXX XX XXXXXXXX XXXXXXX XXX XXXXXXX XXXXX XXX XX XXX XXXXXX XXXXX XXX XXXX XXXX XXXXXXX XXXXXXX XXX XXXXX X XXXXXX XXXX XX XXXXX XXX XXXXX XXXX XXX XXXXX XXX XXX XXXXXX XXX XXX XXXX XXXXXX XXXXX XX XXXXXXX XXXXX XXX XXXX XXXXXXXXXXXX XXXXXX XXXX XXXX XXXXXXXXXXX XXXXXXXXXX XXXX XXXX X

   XXXXXX XX XXXX
XXXXXXX XXXXXXXXXXXXXXX XX XXXXXX XXXXXXX: X XX XXX XXXXX XXXX XX XXXXXX XX XXX XXXXXXX XXXXXXX XXXX X XXXXX XXXX XXXX XX XXXXX XXXXXX XXXXXXX XXX XXXXXX XXXXXXX XXXXXX XXXXX XXX XX XXXXXXXX XX XXXX XXXX XXXX XX XXX XXXX XXX XXXXXXXX XXX XXXXXX XXXXXX XXXXXX XXXXXXXX XXXXX XX X XXXXXXX XXXXXX XX XXXXXXX XX XXXXXX XX XXXX XX XXX XXXXXXXX XXXXX XX XXXXXXXXX XXXXXXXXXXX XXXXXX XXXXXXX XXXXXXXX XXXXXXXX XXXXXXX XXXXXXXXXXXX XXXXXXX XXXXXX XXXXXXX XXX XXXX XXXX XXXXXXXXX XX XXXXXXX X XXXXXX XXXXXX XXXXXXXX XXX XXXXXXXX XX XXXXXX XX XXXXXX XXXXXXXXX XX XXXXXXX XXXXXXXXXX XX XXXXXXXX XXX XXXXXXX XXX XXX XXXXXX XXXXXXX XXXX XXXXX XXX XX XXXXXX XX XXX XXXXXXX XXXXXXXXX XXXXXXXXXXXXXXX XX XXXXXX XXXXXX XXXXXX XX XXX XXXXXXXX XXXXX XXXXXXXXX XXX XXXXXXXXXX XXXXXX XXXX XXXX XXX XXXXXX XXX XXXXXXXXXXXX XXXXXXX XXX XXXXXX XXX XXXXXX XXX XXXX XXXXXXXXX XXXXXX XXXX XX XXXXX XXXXXX XXXXX XXXXXXXX XXXX XX XXXXX XXXXXXX X

   XXXXXX XX XXXXX
XXXXXXX XX XXXX XXXX XXXX XXXXXXX: X XXX XX XXX X XXXXXXXXXXX XXXXXXXXXXXX XX XXXX XXXXXX XXX XXX XXXXXXX XX XXXXXXX XX XXXX X XXXXXX XXX XXX XXXXX XX XXX XXXX XXXX XXXX XX XXX XXXXXXXX XXXXXX XX XXXXXXXXXXXX XXX XXXXXXXXXX XXXXXXX XXX XXXXXXXXXX XX XXX XXXXXXXXXXX XX X XXXXX XXX XX XXX XXXXXXX XXXXXXXXXX XXXX XX XXXX XXXXX XXX XXXXXX XXXXXXXXXX XXXXXXXXXXX XXX XXXXXXXXXXXXX XXXXX XXX XXXX XXXX XX XXX XXXXX XXXXXXX XXXXXXXX XXXXX XXXXX XXXXXXXX XX XXXXXXXX XX XXXXXXX XXXXXXXXXX XX XXXXX XXXXXXX XXXX XX XXXXXXXXX XXXXXXXXXX XXXXX XXXXXXXXXXXX XX XXXXXXX XX XXXXXXX XXX XXX XXXXXXXXXX XX XXXXXX XXXXXXX XXXXXXXXXX XXXXXXXXX XXX XXXXXXXX XX XXXXXX X XXXX XXXXXXX XXXXXXXXX XXXXXXXX XXXXX XXXXX XXXXXXXX XXXXXX XXXXXXXX XXXXXXX XXXXXXXX XXXXXX XXX XXXXXXXXXXX XXXXXXXX XXXX XXXXXXXXX XXXXXXXXXXXXXX XXXXXXXXXX XXXX XXXX XXXX XXX XXXXXXX XXXXX XX XXXXXXX XXXXXX XX XXXXXXX XXXXXXXXXX XXXX XXXX XXXX XXXX XXXXX XXXX XXXXXXX XXXX XXXXXXXX XXX XXXXXXX XXX XXX XXXXXX XX XX XXX XXXXXXXXXXXXXX XXXXXXXXX XXXXX XXX XXXXXXXXXXXX XXXXX XXXXXXXXX XXXX XXX XXXXXXXXXXX XXXXXXXXX XX XXXXXX XXXXX XXXXXXX XXXXXXXX XX XXX XXXXX XXX XX XXXXXXXXXXX XXXXXXX XXXXX X

   X XXX XXX
XXX XXXXXXX XXXXXXXXX XX XXXXXXXXXX XXXXX XXXXXXXXX: X XXXXXXXXXXXXX XXXXX XXX XXXX XXX XXXXXXXXXX XXXXXXXX XX XXXXX XXXXXXXXX XXXX XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXX XXXXX XXX XXXXXXX XXX XXXXX XXXXXXX XXXXXX XXXXX XXXX XXX XXXXXX XXXXXX XXXXXX XXXXXX XXX XXXXXXXXX XXXX XXXXXXX XXXXXXXXXX XXX XXX XX XXX XXXXXXXXXX XXXXXX XXXXXXXXXX X XXXXXXXX XXXXX XXX XXXXXXXXXX XXXX XXXX XXX XXX XX XXXXXXX XXXXXXX XXXXXXX XXXXXXXX XXXXX XXXXXXXXXX XX XXX XXXXX XXXXXXXXX XXXXXXXX XX XX XXX XXXXXXX XXXX XXX XXXXXXX XXXXXXXXX XXXXXXXXXX XXX XXXXXXXXXXX XX XXXXXXX XXXXXX XX XXXXXXXXXX XXXXXXXXX XXX XX XXXXXXX XXX XXXXXXXXX XXXXXXX XX XXX XXXXXXXX XXX XXX XXXXXXXX XX XX XXXXXXXXX XX XXXXXXXXX XXXXXXXXXX XXXXXXXX XX XXXXXXXXX XXX XXXX XX XXXXXXXXXX XX XXXXXXX XXXXXXX XX XX X XXXXXX XX XXXXXXXXXXX XXX XXXX XXXXXXX XXXXX X XXXXXXX XXXX XX XXXXXX XXXX X XXX XXXXXX XXX XXXXXXXX XX XXXXXXXXXX XXXXXXXXX XXXX XXXXXXXXXX XXXXXXX XXXX XXX XXXXXXXXXX XXXX XXXXX XXXXXXX XXX XXXXXXX XXXXXXX XXXXXXXXXX X XXXXXXXX XXXXX XX XXXXXXXXX XXXX X XXXXXX XXXXXXXXXXXXX XXXXXXX XXXXXXXX XXXXX XXXX XXXX XXXXXXXX XXX XXXXXXX XXX XXXXXXXXXX XXXXXXX XXXX XXXXX XXXX XXXX X XXXXXXXXXXX XXX XXXX XXXXX XXXX XX XXXXXXXXXXX XXXXXXXXXX XXX XXXXXX XXXXXX XX XXX XXXXXXXXXX XXXXXXXX XXXX XXX XXX XXXXXXXXXXX XXXXXXXX XXXXXXXXXX XXX XXXX XXXXX XXXXXXXXX XXXX XXXXXXXXX XX XXXXXXXXX XXXXXX XXX XXXXXX X XXXXXX XX XXXXXXXXX XXXX XXXXXXXXXXXXXXXX XXXXXXX XXXXXXX XX XXXXXX XXXX XXXXXXXXXX XXX XXXXXXX XXX XXXX XXX XXX XX XXXX XXXXX XXXXXX XX XXXXXXX XXXXXXXX XXXXX XXXXXXXXXX XXXXX XXX XXXXXXXXX XXXXXXX XX XXXXXXX X

   XXXX XXXXX XXXX XXX XXX
XXX XXXXXXXXX XXXXXXXXX XX XXXXXXXXXXXXX XXXXXXXXX XXX XXX XXXX XX XXX XXX: X XX XXXXX XXXX XXXXXXXX X XXXXXXX XXXXX XXX XXX XXXXXXXXXX XXXXXX XX XXX XXXXXXXXXX XXXXX XX XXXXXXXXXXXX XXXXXXXX XXX XXXXXXXXX XXX XXXXXX XX XXXXXXX XXX XXXXXXXXXXXXX XXX XXXXXXXXXXX XXXXX XXXX XXXXXXXX XXX XXXXXXXXXXXX XX XXXXXX XXXXX XXXXXXX XXXXX XXXXXXXX XXXXX XXX XXX XXXXX XXXXXXXX XXX XXXXX XXXXX XXX XXX XXXXXXXX XX XXX XXXXXX XX XXX XXXXXXXX XX XXXX XXX XXX XX XXXXX X XXXXXXXX XXXXXXXXXXXX XXXXXX XXX XXXXXX XXX XXXXX XXXXXX XXX XXXXXXX XXXXXXXXXXXXX XXXXXXXXXXXXX XXX XXXXXXX XX XXXXXXXXXX XXXXXXXXXXX XXXXXXXXX XX XXXXXX XXXXXX XXXXXX XXXXXXXXXXX XXX X XXXXX XX XXXX XXX XXXXXXXXXXX XXXXXXXXXXXX XXXXXXXXX XXX XXX XXXXXXXXX XXXXXXXXXX XX XXXXX X XXX XXXX XXXX XXXXXX XXX XXXXX XXXXXXXXXXX XXX XXXXXXXXXXXX XXXXXXX XXXXXXXXX XXXXXXXX XXX XXXXXXXXXX XXXXXXXXX XXXX XXXX XXXXXXXXXX X XXXXXX XXXXXXXX XXXX XXXXXXX XXXX XXXXXXX XXXXXX XX XX XXXX XXXX XXXXXXXX XXXXXXXX XX XX XXX XXXXXXXX XXXXXXXX XXX XXXXXXXX XXX XXXXXXXX XXXXXX X XXXXXXXXX XX XXXXX XXX XXXXXX XXXXXXXXXX XXXXX XXXX X XXXXXXXXXXX XXXXXX XX XX XXXXXX XXXX XXXX XXXXXXXX XXXXXXXXXX XXXX XXXXXXX XXXX X XXXXXXXXXXX XXXXXXXXX XXX XXXXXX XXXX XXXX XXXX XXXX XX XXXXXXXXXXX XXX XXXXXXXX XXXXX XXXX XXXXXX XXXXXXXX XXXXXX XXXXXXX XX XXXX XX X XXXX XXXXX X

   XXXX XXXX XXXXX



Market Recap

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   XXXX XXXX XXXX X XXX XXXXX XXX XXXX XXXX XXXX XXXX XXXX



Short Caller Spotlight

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   XXX
XXXXXXXX XXXX: X XXXXXXXX XXXX XXXXXXX XX XXX XXXX XX XXXXXXXX XX XXXXXXXX XX XXX XXX XXXX XXXX XXX XXXXXX XXXX XXX XXXXXXX XX XXXXXX X XXXXX XXXX XXXX XXXXXX XXX XXX XXXXXXX XXX XXXX XXXXXXXXXX XXXXXXXXXXXXX XXXXXXXXXXXX X

   XX
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   XXX
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   XXXX
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   XXXX



Media Radar

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   X XXX XXX XXX XXXX X XX


Devonshire Research Group publishes a macro-economic investor newsletter containing a summary of its proprietary alternate and contrarian economic data. We examine core concepts affecting all investors, including inflation, sector rotation and machine learning strategies, global signals, and deep dives into broader bearish trends.

The research newsletter has a heavy emphasis on economic concepts and technology investment topics, given the team's interests, and the general lack of contrarian coverage.

The newsletter below is accessible to our subscribers at the time of publication, while the public distribution is delayed by one or two months.

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