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John Mauldin's Thoughts from the Frontline - Gary Shilling: Review and Forecast

December 28, 2013 | About:

Gary Shilling: Review and Forecast

By John Mauldin

December 27, 2013

Should auld acquaintance be forgot
And never brought to mind?
Should auld acquaintance be forgot,
And auld lang syne!

For auld lang syne, my dear,
For auld lang syne,
We'll take a cup o' kindness yet
For auld lang syne

It's that time of year again, when we begin to think of what the next one will bring. I will be doing my annual forecast issue next week, but my friend Gary Shilling has already done his and has graciously allowed me to use a shortened version of his letter as this week's Thoughts from the Frontline. So without any further ado, let's jump right to Gary's look at where we are and where we're going.

Review and Forecast

By Gary Shilling

In the third quarter, real GDP grew 2.8% at annual rates from the second quarter. Without the increase in inventories, the rate would be 2.0%, in line with the 2.3% average growth since the economic recovery commenced in the second quarter of 2009.

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