Raoul, I appreciate your thought process, but for some time your global framework has been more or less the same (as it probably should be). I just think there is not much information that you did not disclose previously in for example the few Macro Insider newsletters on Realvison Publications, Realvision interviews, and Twitter. I would really appreciate some more specific investable ideas. What are the best ways for a retail investor in invest in Emerging Markets? Are ETF’s in this space good enough? Some ETF’s in emerging markets have been vastly underperforming the Indexes of these countries (even when exchange rates are taken into account). Should specific companies be bought? I try to do my homework, but finding the best investment vehicles to play the themes remains very opaque. What are the best ways to invest in the Monsoon region/East Africa/India/Saudi Arabia? Is Poland still investable or is it too dependent on Germany? Is Malaysia still an opportunity?

Hi Raoul and everyone , would appreciate much can you pls tell how I can buy an IRAN ETF for a pension or ISA account (I am UK based ) . Many thanks for great piece .

Any chance we can get an audio recording by the moderator on these? This was jam packed with info and it would be awesome if I could re-listen while I'm on the run.

Raoul - regarding demographics, I'm sure you've considered opposing views and are up to speed on the evolving research on this important topic. Speaking of which, a recent working paper out of the BIS predicts that global population aging will reverse the following trends: (1) declining real interest rates; (2) declining returns to labor; and (3) increasing inequality within countries. They make a convincing case largely based on the assumption that governments will remain inept and do more of the same (somewhat ironic, but seems like a sure bet to me!). In case you haven't seen it, here is a link to the paper I'm referring to: http://www.bis.org/publ/work656.pdf. Thanks.

Great article! Next to India I was also thinking of Nigeria based on the same tailwind thinking.

Brilliant Piece - love the 3 D's and the illustrative sequential thought process and the contrast between headwinds and tailwinds. Wondering if either of you have thoughts on how your thesis impacts real estate investments?

Bravo RP and JB. This issue alone is well worth the entire year cost of MI Subscriptions. Its not just about few trades instead its a life long process on how a sound/patience investor can build a robust and highly profitable framework with 10000% confidence in investments without worrying about day to day events. Truly a great work and ton of thanks for putting 3D together that alone is a years of work.

I like the idea of headwind versus tailwind economies. I wonder if historical data actually shows that stock market in tailwind economies outperforms markets in headwind economies - just wondering?

I love you guys, but for me, on this one, you missed me. I could be a demographic of one, though, so if i'm the only one, please ignore! My thought is: I'm glad you are so smart. That is why i subscribe. Yet, i don't care HOW you do what you do, only that i get the benefits of the fruits of your labors. i do NOT want to become an expert. You are the experts. I do not want to learn/know what you know how to do. So, this report, except for the last page of investment thoughts, was of no value to me. AND, RAOUL, what happened to your views on oil. Still below 40? And in what time frame? Thanks, and keep the hits coming!

Great piece guys, the best so far. In his last piece on currencies Julian stopped short of discussing how EM currency moves can best be managed. A follow up piece that addressed that subject would be helpful and would tie in well with Raoul's Monsoon theme as, for me at least, not having a great handle on how currencies like INR or IRR will perform puts me off investing in these more exotic equity markets.

Julian your piece assumes balance sheet reduction from the fed and rate hikes to continue at least as far as the eye can see. But we all know that any sign of trouble in equities the fed will begin to stop any kind of tightening and may even walk away from balance sheet reduction all together. Assuming we can agree that volatility coming back in to markets is all but certain at some point if the fed continues to raise rates AND reduce their balance sheet, how do you think the fed reacts in kind to a market that is falling? More QE? Or are they just helpless this time around to markets falling and we are finally forced to take our medicine? Thanks Julian your piece really has me thinking this morning. Love reading your content.

Raoul, are you concerned about the recent drop in the market in India?

Excellent report. The 3-D framework is fantastic. This is the reason I subscribed to MI-- to learn solid macro frameworks with live examples to drive the concepts home. Also the trade update is a great add.

Raoul take a break for the year ...great piece guys!

Found Raoul's framework very insightful and will look to apply it in my own process going forward. This is exactly the type of thing that made me want to subscribe.

Excellent report, maybe the best yet from MI. I am on board with the overall thesis as presented. A couple of future requests: 1. Can MI do regular coverage of the tailwind economies like India? I have invested, but I don't want to overdo it as the US cycle may negatively impact tailwind economies, as discussed in this report. 2. I cannot help think that China, because of the size of it's economy also needs watching closely by MI. China clearly impacts overall markets for commodities, as well as influences tailwind economies across the globe. Thanks Julian and Raoul!

Another great In Focus report. Thank you Julian & Raoul.

macro insiders keeps getting better if that is possible. keep it coming.