Need to Know: Here’s what could happen if this ‘late, late cycle’ meets a Joe Biden market

Traders might feel compelled to dust off their playbooks for late-cycle investing lately, says AllianceBernstein strategist Richard Brink, but this isn’t your typical late cycle, and typical late-cycle responses might not apply this time around.

This could be particularly true in the coming years if the Joe Biden stock market depicted in our call of the day (see below) becomes a reality.

But first, the here and now.

“Today’s market has been shaped by extreme and unusual policies over a decade,” Brink wrote in a recent note co-wrote by AB portfolio manager Walt Czaicki. “Fiscal stimulus, debt levels, deficits and demographics are adding some uncommon ingredients into the late-cycle stew.

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