Healthtech 2024: Voices in My Head…


This post is by ontheflyingbridge from On the Flying Bridge


What is going on? The stock market just hit an all-time high and yet nearly everywhere one looks, there are flashing warning signs. A review of the 2023 investment activity suggests there will be continued challenges in the capital markets. Clearly, the bulls look to the $8.8 trillion in money market funds and conclude that as interest rates continue to fall much of that capital will rotate back into risk assets. Today, U.S. household net worth is over $152 trillion. But it still feels so schizophrenic.
Data: FactSet. Chart: Axios Visuals But first some of the troubling indicators not to be ignored, to say nothing of the numerous global hot spots now. The World Bank recently concluded that the global economy just suffered its worst 5-year stretch over the last three decades, and now forecasts only 2.4% economic growth in 2024. The analysis concludes that the 24 lowest income earning countries are at “crisis levels,” which will acutely exacerbate global immigration issues. The “low/middle” income countries have economic activity that is at least 5% below pre-pandemic levels. The Federal Reserve incurred a 2023 operating loss of $114.3 billion, its largest in its 109-year history. Moody’s noted that global bond defaults spiked to a trailing twelve-month average of 4.8%, which does not even start to account for the $117 billion of U.S. commercial real estate debt that must be refinanced in 2024 – perhaps the greatest near-term potential systemic contagion. U.S. office vacancy rate just touched 19.6%, the highest level since (Read more…)