Q2 hedge fund letters, conference, scoops etc
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- We noted in October 2018, that net margin in Developed markets may have been close to a peak which appears to have been the case
- Emerging markets’ net margin is still below peaks before the Asian and Global Financial Crises
- Developed market more driven by one-off US tax cuts
- Net margin in Developed markets is still at the highest it has been in over two decades–remains a risk
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